B. Riley raised the firm’s price target on Magnite to $18 from $15 and keeps a Buy rating on the shares. Magnite reported Q4 results that surprised to the upside vs. consensus and guidance, and provided Q1 guidance that includes an expected return to year-over-year growth in ex-Traffic Acquisition Cost CTV revenue in Q1 after two quarters of declines, the analyst tells investors in a research note. Management also has confidence that growth in products like ClearLine, expanding take rates, and live sports shifting into streaming environments all provide sufficient tailwinds for the business to grow at least low double digits, the firm adds.
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