Magnite price target raised to $20 from $18 at Craig-Hallum

Craig-Hallum raised the firm’s price target on Magnite (MGNI) to $20 from $18 and keeps a Buy rating on the shares. The firm notes Netflix (NFLX) has announced changes to its advertising platform as it moves operations in-house, partnering with Magnite in addition to The Trade Desk (TTD) and Google (GOOGL). Magnite, who already has an exclusive partnership with Disney (DIS), which represents a massive number of ad-supported users, now gets validation from the largest global streaming company, which is clearly doubling down on ad-supported initiatives, says Craig-Hallum.