Magnite price target lowered to $24 from $25 at Benchmark

Benchmark analyst Daniel Kurnos lowered the firm’s price target on Magnite (MGNI) to $24 from $25 and keeps a Buy rating on the shares. Magnite, by getting the Street to lower numbers in assuming some level of incremental macro softness that the company is not currently seeing, “both effectively took the sting out of any worsening environment while finally setting the bar up for a solid beat across the board if conditions remain the way they are,” the analyst tells investors. Magnite is “likely the single largest beneficiary” of the Google (GOOGL) adtech ruling and those dollars should also flow through at the new, higher margin rate, the analyst added.