Raymond James Doubles Down: Viant’s Strong Buy Upgrade and What It Means for Investors

The latest analyst move from Raymond James has placed a spotlight on Viant Technology (DSP), a rising player in digital advertising platforms. In a sector fueled by rapid technological innovation and shifting marketing budgets, Viant’s recent business momentum—and today’s leap from ‘Outperform’ to ‘Strong Buy’—suggests a recalibration of investor expectations. With a fresh price target of $20, notably above its current $14.21, the implied upside is significant, especially as the broader AdTech space consolidates around data-driven personalization and connected TV (CTV) addressability. Analyst upgrades from respected institutions like Raymond James often foreshadow inflection points that sophisticated investors cannot ignore.

Key Takeaways

• Potential Upside: Raymond James’ new $20 target projects a 40.7% potential return from current levels.

• Stock Action: DSP is up 5% over the past month, with near-term volatility and positive technical momentum.

• Recent Catalysts: Announced IRIS-enabled™ Content Report, LG Ad Solutions partnership, and imminent Q2 results have stoked investor interest.

• Volume & Sentiment: Trading volumes have spiked around news events, with technicals (RSI ~65) indicating robust demand.

• Analyst Confidence: Raymond James’ upgrade carries significant weight due to their AdTech sector expertise and long-term track record.

The Next-Gen AdTech Platform: Why Viant Is in Focus

Viant Technology is an advertising technology company operating a cloud-based platform that enables marketers and agencies to plan, buy, and measure digital media campaigns across channels. Its core platform leverages AI and machine learning for advanced targeting—especially in the fast-growing Connected TV (CTV) segment, where addressability and data privacy are top priorities. Viant’s ability to integrate with major partners (like LG Ad Solutions) and roll out innovative tools (such as IRIS-enabled™ Content Reports) positions it favorably as advertisers seek more measurable ROI and efficient spend in a fragmented media landscape.

In today’s digital economy, where marketing dollars chase measurable outcomes and privacy-compliant data, AdTech vendors with a robust, integrated stack are increasingly valuable. Viant’s business model—focusing on omnichannel campaign execution and actionable analytics—caters directly to these emerging advertiser needs.

Analyst Upgrade and Raymond James’ Influence

Raymond James, a major institutional research powerhouse with deep sector coverage, is recognized for its rigorous approach to technology and digital media stocks. The firm’s upgrade from ‘Outperform’ to ‘Strong Buy’ and its $20 price target suggest high conviction in Viant’s near-term growth prospects. Raymond James is known for its disciplined, data-driven analysis and its analysts’ deep relationships across the AdTech value chain, lending considerable credibility to this call. Their sector expertise and history of prescient calls in digital media make their endorsement especially meaningful today.

“We believe Viant is uniquely positioned to capture incremental CTV and omnichannel budgets given recent product launches and strategic partnerships.”
— Raymond James AdTech Research Team, July 2025

This upgrade arrives at a time when Viant is executing on multiple fronts, with new technology rollouts and integrations that directly address the evolving needs of major advertisers.

Stock and Financial Performance: The DSP Momentum

Recent Stock Action

• Current Price: $14.21 (pre-market)

• 1-Month Change: +5.0% (recent closing price $13.53)

• 2025 YTD Range: $8.70 (Aug 2024) to $26.33 (Feb 2025)

• Volume: Recent average daily volume of ~24,400, with spikes above 1.7M on major news

• Technical Picture: 20-day EMA at $13.84, RSI at 65 (indicative of strong, but not overbought, buying interest)

Financial Scorecard

While Q2 2025 results are due imminently (August 11), Viant’s previous quarters have demonstrated:

• Revenue Growth: Consistent double-digit YoY expansion, driven by CTV and data-driven buying

• Profitability: Narrowing losses as gross margins improve, supported by growing SaaS revenue mix

• Balance Sheet: Solid cash reserves and manageable debt, providing flexibility for further R&D and M&A

Risk and Opportunity

• Volatility: Shares have traded between $8.70 and $26.33 over the last year; recent stabilization above $13.80 signals renewed institutional interest.

• Sentiment: Up days outnumber down days (126 vs 122), and daily percent changes point to constructive price action.

• Liquidity: Despite some periods of lower volume, liquidity remains healthy and responsive to catalysts.

Strategic Newsflow: Catalysts Fueling the Upgrade

Recent Announcements

• IRIS-enabled™ Content Report & Pre-Bid Targeting: Launched July 24, this product deepens Viant’s AI-driven analytics, helping marketers optimize content and spending in real time. (source)

• LG Ad Solutions Partnership: Strategic integration (announced July 15) advances addressable advertising in the CTV ecosystem, a high-growth, high-margin vertical. (source)

• Upcoming Q2 Earnings: Scheduled for August 11, this event could validate (or challenge) the current bullish narrative if Viant demonstrates sustained revenue and margin gains. (source)

Potential Upside: Quantifying the Analyst Call

With the current share price at $14.21 and Raymond James’ $20 target, the projected upside is approximately 41%. This is a substantial premium for a mid-cap AdTech stock and suggests the market may be underestimating the impact of Viant’s recent product and partnership momentum. If the upcoming earnings validate the bullish case, the gap to target could close rapidly.

What Could Go Wrong?

• Execution Risk: Integration of new tech and partnerships must deliver measurable customer uptake.

• Competitive Threats: AdTech remains highly competitive, with giants like The Trade Desk and Google vying for share.

• Macroeconomic Headwinds: Ad budgets can be cyclical and sensitive to broader economic slowdowns.

Bottom Line: Raymond James’ Upgrade Signals a Key Inflection Point for Viant

Raymond James’ “Strong Buy” upgrade carries real weight—not only because of their sector expertise, but also because it coincides with tangible product wins and upcoming earnings catalysts. The 40% implied upside offers a compelling risk/reward profile, especially given Viant’s advances in CTV addressability, AI-driven analytics, and strategic partnerships. As the digital advertising landscape continues to evolve, Viant’s differentiated technology stack and expanding partner base make it one of the most intriguing plays in the AdTech universe right now.

Investors should monitor the August 11 earnings for confirmation of the bullish thesis. Continued innovation and execution could see Viant close the valuation gap much sooner than consensus expects.