Viant Technology (DSP) Stock Forecast & Price Target

Viant Technology is benefiting from a strong mix of secular CTV tailwinds and company-specific execution, with 2Q contribution ex-TAC of $60.2M rising 24.5% Y/Y and adjusted EBITDA of $14.2M up 26% Y/Y. Its differentiated data stack—Household ID, IRIS_ID, TVision, and Outcomes—supports better targeting, measurement, and performance, while CTV spend rose nearly 50% and now accounts for over 50% of platform spend. The business also shows improving operating leverage and enterprise momentum, with the largest pipeline in company history, expanding Direct Access adoption above 80% of CTV spend, and management expecting revenue and contribution ex-TAC growth to outpace expenses.

Viant Technology is facing a difficult competitive and structural backdrop, with DSP rivals, the expanding scale of advertisers, and the growing dominance of Google, Facebook, and Amazon all pressuring independent platforms. Tariff-related macro uncertainty may also curb digital ad budgets, while privacy changes, cookie restrictions, and the rise of AI search could further shrink or fragment the open internet inventory that supports its people-based advertising model. Financially, the gap between 34% revenue growth and 24% CXT growth highlights revenue-recognition distortion from onboarding customers, while 2Q26/3Q26 related drag and TVision-driven cost growth add near-term margin pressure even as management expects returns only in 2027.