Magnite (MGNI) PT Raised to $63 at Craig-Hallum Following 'Game Changing' SpotX Deal

Craig-Hallum analyst Jason Kreyer raised the price target on Magnite (NASDAQ: MGNI) to $63.00 (from $45.00) while maintaining a Buy rating.

The analyst commented, "Magnite announced the acquisition of SpotX in a cash and stock deal for $1.2B. In our view, this elevates MGNIfrom the largest independent sell-side ad platform to the largest sell-side CTV ad platform. We believe the combined business will have the ability to rapidly consolidate CTV spend, with CTV representing half of total revenue in short order given SpotX triples the base of CTV revenue overnight. Our recent checks have indicated advertiser budgets are rapidly moving from linear programming to addressable OTT, suggesting 2021 will finally be the year of CTV. Given the optimism around the merger and MGNI elevating its competitive positioning, we are increasing our price target to $63"

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