Magnite price target lowered to $19 from $22 at RBC Capital

RBC Capital lowered the firm’s price target on Magnite (MGNI) to $19 from $22 and keeps an Outperform rating on the shares. The firm expects Magnite to deliver upside to CTV revenue while DV+ platflorm is likely to remain solid for the quarter but a focal point of guidance, the analyst tells investors in a research note. The resiliency of CTV in a more challenging environment will be a key point to providing secular company-specific support despite expected cyclical headwinds, the firm adds.