Canaccord starts ‘turnaround story’ Nexxen with Buy

Canaccord initiated coverage of Nexxen (NEXN) with a Buy rating and $12 price target The company is market-leading programmatic platform with end-to-end technology and data capabilities, the analyst tells investors in a research note. The firm believes Nexxen is still in the early innings of a turnaround. The company’s recent completion of a stock exchange, which facilitated a full and sole U.S. listing, has improved its liquidity and made it more accessible to a wider range of investors, contends Canaccord. The firm says that with improving adoption of its end-to-end offering, new clients onboarded in 2024 likely to ramp spend as the year progresses, and a strong financial profile supporting ongoing share buybacks in 2025, it views Nexxen as an “unfolding and largely under-followed turnaround story with a compelling multiple.”