Magnite price target lowered to $20 from $23 at RBC Capital

RBC Capital lowered the firm’s price target on Magnite (MGNI) to $20 from $23 and keeps an Outperform rating on the shares. The company reported a solid Q1 result, with revenue and adjusted EBITDA coming in above expectations, though RBC is reducing its price target to reflect the multiple contraction, the analyst tells investors in a research note.