Scotiabank starts Nexxen with Outperform on ‘valuation upside’

Scotiabank initiated coverage of Nexxen (NEXN) with an Outperform rating and $17 price target Nexxen is “unique” as the only advertising tech player that operates as both a sell-side platform and demand-side platform, the analyst tells investors in a research note. The firm says Nexxen trades at a seven-turn valuation discount to peers due to its a small market cap and “complicated” trading history. However, given the company’s exposure to “accelerating” connected TV growth and a “differentiated” full-stack platform, Scotiabank sees “significant valuation upside.”