Magnite price target lowered to $16 from $20 at B. Riley

B. Riley analyst Daniel Day lowered the firm’s price target on Magnite to $16 from $20 and keeps a Buy rating on the shares post the Q2 report. Headwinds from depressed brand advertising budgets proved too challenging to overcome, negatively impacting Magnite’s managed service business and putting pressure on take rates due to shifts in advertiser spend patterns, the analyst tells investors in a research note.