Analyst Laura Martin from Needham maintained a Buy rating on Magnite (MGNI – Research Report) and keeping the price target at $15.00.
Laura Martin has given her Buy rating due to a combination of factors that highlight Magnite’s promising financial and strategic positioning in the market. Martin’s assessment points to the substantial economic benefits that Magnite is poised to reap from its recent deal with Netflix, indicating that the partnership could account for a sizeable percentage of total ad spending. The financial implications are significant, as the collaboration with Netflix is expected to contribute a notable increase to Magnite’s revenue, potentially becoming their largest customer in a span of three years.
From a strategic perspective, the deal with Netflix further solidifies Magnite’s stronghold in the Connected TV (CTV) space, establishing it as the primary Supply-Side Platform (SSP) for a vast array of content providers engaged in streaming, with the exception of NBC. This partnership not only underscores the company’s dominance but also suggests that it would be incredibly challenging for any competitor to dethrone Magnite in the CTV arena. Martin’s Buy rating is thus rooted in a strong belief in Magnite’s enhanced market position and projected growth trajectory.
In another report released today, Benchmark Co. also maintained a Buy rating on the stock with a $18.00 price target.
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Magnite (MGNI) Company Description:
Magnite, Inc. offers technology solutions that automate the purchase and sale of digital advertising inventory. Publishers use its technology to monetize their content across multiple platforms, including CTV, online video, audio, and display. Moreover, ad agencies and brands leverage Magnite’s platform to access brand-safe, high-quality ad inventory.
