Needham raised the firm’s price target on Magnite (MGNI) to $25 from $18 and keeps a Buy rating on the shares. The company reported strong Q2 results with net revenue up 10% and adjusted EBITDA up 22%, exceeding estimates, the analyst tells investors in a research note. The firm further cites several examples of upside revenue drivers for Magnite, including new programmatic demand for its premium supply from SMBs, Live Sports, RSNs, RMNs, and SPO trends, the firm added.
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