MNTN price target lowered to $23 from $33 at Citizens JMP

Citizens JMP lowered the firm’s price target on MNTN (MNTN) to $23 from $33 and keeps an Outperform rating on the shares. MNTN reported mixed Q3 results as revenue met consensus and Q4 revenue and EBITDA guidance bracketed consensus, the analyst tells investors in a research note. Citizens believes that 15- and 30-second ads on TV are the best formats to drive performance given they allow enough time for marketers to tell a story and that MNTN is uniquely positioned to bring this performance to SMBs, as the company enables the creation of TV ads, targeting, and measurement, while cost effectively bringing them on-platform as 75%+ of revenue was from inbound leads.