B. Riley analyst Zach Cummins resumed coverage of Magnite with a Buy rating and $14.50 price target. Through a transformative merger, a rebranding, a series of CTV-focused acquisitions, and the completion of a multiyear integration process that merged streaming assets onto a single platform, Magnite has “positioned itself as a leading independent ad tech partner for CTV publishers,” the analyst tells investors. Though an unfavorable mix shift toward premium publishers with lower take rates presented headwinds to the CTV segment in the second half of 2023, Magnite appears poised to regain momentum in FY24, the analyst added.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MGNI:
- Magnite to Announce First Quarter 2024 Financial Results on May 8, 2024
- 5 Best Small-Cap Stocks to Buy in April 2024, According to Analysts
- 3 Best Stocks to Buy Now, 3/26/2024, According to Top Analysts
- Magnite management to meet with Craig-Hallum
- Magnite, MediaOcean enter exclusive partnership for automation