Magnite (MGNI) PT Raised to $70 at Needham & Company, Remains Top 2021 Stock Pick

Needham & Company analyst Laura Martin raised the price target on Magnite (NASDAQ: MGNI) to $70.00 (from $30.00) while maintaining a Buy rating.

The analyst comments "Magnite (MGNI) is our top stock pick for 2021, and we raise our PT based on the SpotX acquisition. SpotX adds value to MGNI in many ways (our view): a) strategically, MGNI becomes the largest independent CTV and Video Ads SSP globally; b) eliminates a SSP competitor; c) MGNI adds about 150 CTV engineers (hard to find); d) MGNI's business is transformed to 67% video revs (about half from CTV) accelerating its growth trajectory; e) adds $116mm of PF revs, (implying $350mmPF 2020 revs), which adds scale and greater data advantages; f) adds over 50 demand-side partnership facilitators; and g) the $1.17B purchase price appears inexpensive."

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