Magnite Inc

MGNI: XNAS (USA)
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Magnite Earnings: Publishers and Advertisers Further Welcoming Programmatic Advertising

We are maintaining our $15.50 fair value estimate for Magnite and view the no-moat stock as attractive. Magnite’s first-quarter results were indicative of the recovery underway in the digital advertising space, driven by continuing growth in not only the mobile channel, but also connected TV. We still expect the connected TV market to grow at an average annual rate of 21% through 2027, in which Magnite will be one of the main players on the supply side.

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