MNTN initiated with a Neutral at Citi

Citi initiated coverage of MNTN (MNTN) with a Neutral rating and $22 price target MNTN is among the pioneers bringing performance-based video advertising to connected TV through greater targeting and measurement tools, the analyst tells investors in a research note. The firm is “impressed” with the company’s growth and sees potential upside to its 17% annual revenue growth estimate over the next five years. However, citing more limited visibility and macro challenges, Citi sees a balanced risk/reward profile at current share levels.