** Shares in MNTN Inc MNTN.K, an advertising platform for internet-connected TVs which has actor Ryan Reynolds as its chief creative officer, up ~15% on Monday, tracking for record daily gain since its recent debut, as a group of analysts initiated coverage with bullish recommendations after the IPO quiet period ceased
** On Monday brokerages initiating coverage included Needham, which rated it 'buy' and gave it a $25 price target; Susquehanna, which started with a positive rating and a $38 PT; Citigroup, which gave it a neutral rating and a $22 PT
** Needham projected MNTN's rev growth of 25% y/y in FY25, 16% y/y in FY26, saying growth "among the fastest in AdTech," says 96% of its clients have never advertised on CTV before, and its customer acquisition costs are lower than taking ad buyers away from other AdTech companies
** MNTN, which made its NYSE debut May 22, was last at $21.31. Stock soared above its $16 IPO price in its debut and traded to $32.49, its highest level so far, on May 23 before paring gains
(Reporting by Sinead Carew)
((sinead.carew@thomsonreuters.com))
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