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BofA Securities raised its price target on Magnite stock (NASDAQ:MGNI) to $22.00 from $20.00 on Wednesday, while maintaining a Buy rating following a virtual fireside chat with the company’s executives. The advertising technology company, currently trading at $18.82 with a market capitalization of $2.66 billion, has shown strong momentum with a 37% return over the past year, according to InvestingPro data.
The price target increase reflects BofA’s "upside potential" to 2025 estimates and "increased confidence" in 2026 growth prospects for the advertising technology company, according to the research firm. The company’s revenue reached $674.62 million in the last twelve months, with a healthy EBITDA of $112.09 million.
BofA noted positive sentiment at both the Upfronts season and Cannes Lions industry events this year, with management reporting that ad buyers have largely moved past concerns related to tariffs. Magnite executives expect both pricing and commitments to remain comparable to last year’s levels.
The industry’s shift toward programmatic advertising appears to be accelerating, with BofA highlighting that programmatic now represents approximately 50% of conversations at the Upfronts and NewFronts combined, compared to "zero just 3 years ago."
BofA expressed greater conviction that Magnite should consistently outperform the connected TV advertising industry’s growth rate over the medium to long term, adjusting its price objective based on a multiple of 16 times EBITDA, up from the previous 15 times multiple. With net income expected to grow this year and strong recent performance, investors seeking deeper insights can access 12 additional exclusive ProTips and comprehensive valuation metrics through InvestingPro’s detailed research report.
In other recent news, Magnite reported a strong first quarter of 2025, surpassing revenue expectations with a total of $156 million, compared to the forecasted $142.29 million. This achievement marks a 4% year-over-year increase, highlighting significant growth in its Connected TV (CTV) and DBplus segments. Adjusted EBITDA rose by 47%, demonstrating improved operational efficiency, while the company’s net loss improved to $10 million from $18 million the previous year. In a strategic development, Magnite has partnered with ITN to enhance local TV advertising through programmatic transactions, leveraging ITN’s local linear Supply-Side Platform and Magnite’s SpringServe ad server. This collaboration aims to make the $21 billion US local TV advertising market more accessible and efficient. Additionally, Benchmark analysts recently adjusted their price target for Magnite to $24, maintaining a Buy rating, citing the company’s adept handling of market expectations and potential benefits from a Google (NASDAQ:GOOGL) adtech ruling. These developments reflect Magnite’s ongoing efforts to strengthen its market position and capitalize on emerging opportunities in the advertising sector.
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