In a report released today, Daniel Kurnos from Benchmark Co. maintained a Buy rating on Magnite, with a price target of $30.00.
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Daniel Kurnos has given his Buy rating due to a combination of factors that suggest a positive outlook for Magnite. Firstly, the advertising market has shown favorable performance, which might lead to the reinstatement of Magnite’s annual guidance that was previously withdrawn. Additionally, developments in the connected TV space, particularly with companies like Netflix, Roku, and Peacock, are expected to surpass lowered expectations, benefiting Magnite’s position.
Furthermore, the shareholder base has strengthened, providing confidence that there will be more buyers than sellers, even amidst high short interest. Kurnos also notes that the potential positive outcomes from a Google-DOJ settlement are not yet factored into the price target, indicating room for future growth. Magnite’s strong balance sheet, nearing debt-free status, and ongoing share buyback program further support the Buy rating, positioning the company as a top long-term investment idea.
According to TipRanks, Kurnos is a 4-star analyst with an average return of 7.4% and a 51.36% success rate. Kurnos covers the Communication Services sector, focusing on stocks such as Roku, E. W. Scripps Company Class A, and Magnite.