Magnite initiated with a Buy at Lake Street

Lake Street analyst Eric Martinuzzi initiated coverage of Magnite (MGNI) with a Buy rating and $21 price target. In the same way that The Trade Desk (TTD) became the leading independent demand side platform, the firm believes Magnite is being recognized as “the clear and obvious first choice among independent supply side platforms,” the analyst tells investors. The firm believes programmatic CTV’s efficiency means publishers will use Magnite as their primary SSP and Magnite will see a network effect from becoming the industry standard, the analyst added.