Craig-Hallum bullish on Nexxen, initiates with a Buy

As previously reported, Craig-Hallum initiated coverage of Nexxen (NEXN) with a Buy rating and $15 price target The firm believes that Nexxen represents the most attractive risk/reward opportunity in adtech, with a path to $30/share, and downside protection with a clean balance sheet, active repurchases, and a valuation of less than 3-turns EBITDA. Craig-Hallum sees management executing a fundamental turnaround with six straight strong quarters of execution, strong growth and margin expansion, capitalizing on opportunities like CTV. With shares now solely Nasdaq listed, and a path towards continued market share gains, the firm thinks the company should re-rate higher towards adtech peer multiples in the coming quarters, setting up an attractive upside opportunity for investors.