Evercore ISI raised the firm’s price target on Magnite (MGNI) to $15 from $13 and keeps an Outperform rating on the shares. The firm is “modestly” raising its FY25 revenue and EBITDA estimates as it believes the Netflix (NFLX) partnership could generate an incremental $10-$30M in CTV Revenue for Magnite in FY25. The firm also believes the incremental CTV opportunity from the Netflix partnership likely offsets any potential Magnite weakness from Disney (DIS) in the wake of the recently announced DRAX partnership with Trade Desk’s (TTD) OpenPath, the analyst added.
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