Magnite price target lowered to $14 from $17 at Stephens

Stephens analyst Nicholas Zangler lowered the firm’s price target on Magnite to $14 from $17 and keeps an Overweight rating on the shares. The company’s Q2 revenues wsere in line with consensus, but its “weak” guidance calls for an 8% revenue decline in Q3, the analyst tells investors. Magnite’s growth is negatively impacted by a decline in its managed service performance, a mix shift in ad spend, and pressure within the media and entertainment vertical, the firm says. The firm is “encouraged by stronger than expected” outlook with the company’s DV+ segment and believes the pressure on the company may be transitory.