In a report released today, Matthew Condon from JMP Securities reiterated a Buy rating on Nexxen International (NEXN – Research Report), with a price target of $11.00.
Matthew Condon has given his Buy rating due to a combination of factors that highlight Nexxen International’s strong performance and promising future prospects. The company reported impressive fourth-quarter results, with contribution ex-TAC at the high end of guidance and EBITDA exceeding expectations by approximately $8 million. This performance is bolstered by Nexxen’s strategic investments in generative AI products set to launch in 2025, which are expected to drive future EBITDA margin expansion.
Additionally, Nexxen has significantly improved its sales execution, benefiting from the growing demand in the connected TV (CTV) sector. The company’s unique data assets, including exclusive access to VIDAA’s global ACR data, enhance its platform’s appeal. Partnerships with The Trade Desk and StackAdapt further strengthen its data licensing opportunities. With a favorable risk/reward profile and ongoing capital returns to shareholders, Condon reiterates a Market Outperform rating and sets a price target of $11.
Condon covers the Communication Services sector, focusing on stocks such as Roku, Gannett, and Nexxen International. According to TipRanks, Condon has an average return of 25.9% and a 63.64% success rate on recommended stocks.
In another report released on February 27, RBC Capital also maintained a Buy rating on the stock with a $13.00 price target.