Magnite (MGNI) PT Raised to $17 at RBC Capital

RBC Capital analyst Matthew Swanson raised the price target on Magnite (NASDAQ: MGNI) to $17.00 (from $15.00) while maintaining a Outperform rating.

The analyst comments "Overall, results were strong highlighted by CTV driven by upside from live sports during March Madness and wins in its ad-serving business. DV+ was also nicely ahead as we are starting to see the incremental benefits from companyspecific drivers in a more positive ad-environment. This beat flowed through to CY/24 guidance which was raised for both growth and profitability. From here, we watch for continued acceleration in the back half aided by macro stabilization and easing comps. Maintain OP and raise PT to $17 from $15."

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