Magnite price target lowered to $16 from $30 at Scotiabank

Scotiabank lowered the firm’s price target on Magnite (MGNI) to $16 from $30 and keeps an Outperform rating on the shares. While the company printed a strong quarter, guidance for Q1 was in-line, the analyst tells investors. Overall, the stock is cheap and the story is “clear,” but upward re-rating won’t happen until the tape improves, the firm adds.