Magnite resumed with a Buy at B. Riley

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.