Overview
Citizens has reiterated a Market Outperform rating on MNTN Inc (OTC:MNTN) and kept its price target at $23.00, reflecting confidence in the company's role in the connected TV (CTV) advertising ecosystem. At the time of the note, that price target implied about a 183% upside versus MNTN’s trading price of $8.13, with the stock situated close to its 52-week low of $7.71.
Why Citizens remains constructive
The investment firm points to CTV as a major structural tailwind in digital advertising, particularly as additional content categories, including sports, move toward streaming platforms. Citizens emphasized MNTN’s capacity to deliver performance-oriented advertising within the CTV category through a combination of creative production for TV ads, targeting capabilities and measurement services. The research note cites MNTN’s reported 31.28% revenue growth over the last twelve months as evidence of traction from those capabilities.
Citizens also highlighted an expectation that roughly $60 billion in linear TV advertising spending will migrate to connected TV platforms over time, a shift the firm believes should benefit companies able to measure and optimize CTV performance for advertisers.
Customer mix and profitability outlook
According to the research, MNTN is gaining significant traction with small and medium-sized business advertisers - a segment Citizens views as supportive of the retained Market Outperform rating and $23 price target. While MNTN was not profitable over the last twelve months, analysts cited by the note anticipate the company will reach profitability this year.
Investors interested in additional analysis and the company’s upcoming earnings release (March 2) are directed to InvestingPro for further coverage.
Recent quarterly results
In related company news, MNTN reported a fourth-quarter 2025 earnings beat. The company posted earnings per share of $0.43, well above analysts’ forecast of $0.24 - a 79.17% increase over expectations. Revenue for the quarter was $87.1 million, representing 36% growth compared with the same quarter a year earlier. Despite the strong figures, the stock declined slightly in aftermarket trading following the release.
Implications
Citizens’ stance centers on MNTN’s differentiated offering for measuring performance in CTV and the sizable pool of linear TV spend that could transition to streaming. The combination of accelerating revenue, SMB adoption and a recent quarterly earnings beat underpin the firm’s maintained bullish view while the company works toward profitability.
Note: The article summarizes statements from Citizens and the company’s reported results and does not provide investment advice.