Magnite price target raised to $18 from $11 at Craig-Hallum

Craig-Hallum raised the firm’s price target on Magnite to $18 from $11 and keeps a Buy rating on the shares. Just six months after hitting the hard reset button amid volatility in CTV, the wind is now at Magnite’s back, driving growth reacceleration, the firm says. Magnite expects to grow double-digits this year despite the mid-single-digit growth rate to start the year, suggesting a ramping growth and profit profile as 2024 progresses. In Craig-Hallum’s view, this ties out to a stronger ad market for the year, with less perceived risk of budget cancels. CTV appears the biggest beneficiary of ad spend improvements, with marketers looking to make incremental investments across all publishers as CTV continues to take share from linear.