Magnite (MGNI) PT Raised to $20 at Evercore ISI

Evercore ISI analyst Mark Mahaney raised the price target on Magnite (NASDAQ: MGNI) to $20.00 (from $17.00) while maintaining a Outperform rating.

The analyst comments "Our View: We hosted MGNI’s SVP of Platform Revenue Mike Laband and IROs Nick Kormeluk and Mike Beckstead for investor meetings in San Francisco on 12/9. Overall tone was positive, and we believe MGNI remains well positioned amid market tailwinds (robust CTV growth, with live sports and mid-market demand as emerging catalysts) and company-specific catalysts including NFLX’s advertising ramp and a potentially beneficial outcome from the DOJ v. Google ad tech case. We maintain our Outperform rating and raise our price target to $20 from $17 based on 12X EV/EBITDA on our FY26 EBITDA estimate of $262MM."

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