Magnite upgraded to Outperform from In Line at Evercore ISI

Evercore ISI analyst Shweta Khajuria upgraded Magnite to Outperform from In Line with a price target of $14, up from $11. the shares are now trading at the same level as they did pre-COVID, but Magnite is now 3.5-times times bigger than in 2019, the analyst tells investors in a research note. The firm says the company is seeing accelerating revenue and EBITDA growth and is in a more prominent position in the supply-side of the ad-tech food chain. Advertising demand trends seem to be improving and the company’s Q3 estimates look achievable, says Evercore.