Magnite reported partnership with X a positive, says RBC Capital

RBC Capital notes that Business Insider reports that X has announced a partnership with Magnite (MGNI) as the former-Twitter seeks to strengthen its programmatic sales. This news has been confirmed by a Magnite spokesperson, notes the analyst, who says additional third-party sellers of X’s inventory also currently include Google (GOOGL) and PubMatic (PUBM). The firm, which views this news as a positive for Magnite expanding available inventory, as well as a positive for the open-internet with previous walled gardens opening up to additional partners, looks forward to hearing more details on the earnings call scheduled for February 26. RBC has an Outperform rating and $22 price target on Magnite shares.