Netflix could become Magnite’s largest customer by end of 2025, says Benchmark

Benchmark says Magnite’s (MGNI) “trading pattern is odd at best given ramping momentum,” though the firm acknowledges that headlines have been the biggest risk factor and the fact that investors continue to view the story as complicated. In that context, the firm offers “an uncomplicated fact” that Netflix (NFLX) could become Magnite’s largest customer by the end of 2025 after Netflix announced yesterday the opening of its ad-tech stack to The Trade Desk (TTD), Google (GOOGL) and Magnite. The firm maintains a Buy rating and $18 price target on Magnite, which the analyst identifies as a best 2024 idea.