BofA Securities analyst Omar Dessouky upgraded Magnite, Inc. (NASDAQ:MGNI) to Buy from Neutral, raising the price forecast to $15 from $13.
Per Dessouky, Magnite will become the leading supply-side tech solution in CTV advertising as the industry transitions to more automated ad execution, a technology the company specializes in.
The analyst highlights the company's flexibility for both buy-side and sell-side stakeholders because of its technology, as demonstrated by its recently announced exclusive partnerships with Netflix, Inc. (NASDAQ:NFLX) and MediaOcean.
The Netflix partnership is expected to generate a $30-million revenue run rate by the end of 2025.
Dessouky remains consistent with management's expectation for Netflix to become its largest CTV client by year-end 2025.
Based on the same model, Dessouky estimates that the Netflix partnership could contribute $44 million/$69 million/$199 million to Magnite's revenue in 2026, 2027 and 2028.
Dessouky also applauds Magnite's differentiated product offering, combining both an ad server and an SSP, which serves as a central nexus for publishers' programmatic pipes irrespective of the buying route.
Moreover, recent read-throughs from Walt Disney Company (NYSE:DIS) and Paramount Global (NASDAQ:PARA) suggests a programmatic transition is well underway (~50% by 2024 end) among premium streaming services, supportive of a multiyear share gainer story for Magnite.
Price Action: MGNI shares are trading higher by 11.8% to $12.38 at last check Friday.
美銀證券分析師奧馬爾·德蘇基將瑪格耐特公司（納斯達克股票代碼：MGNI）從中性上調至買入，將價格預期從13美元上調至15美元。
根據德蘇基的說法，隨着CTV廣告行業向更加自動化的廣告執行過渡，Magnite將成爲CTV廣告領域領先的供應方技術解決方案，這是該公司專門研究的一項技術。
該分析師強調，由於其技術，該公司爲買方和賣方利益相關者提供了靈活性，最近宣佈與Netflix公司（納斯達克股票代碼：NFLX）和MediaOcean的獨家合作伙伴關係就證明了這一點。
預計到2025年底，Netflix的合作伙伴關係將產生3000萬美元的收入增長率。
德蘇基與管理層的預期一致，即到2025年底，Netflix將成爲其最大的CTV客戶。
基於相同的模型，德蘇基估計，Netflix的合作伙伴關係可能在2026年、2027年和2028年爲Magnite的收入貢獻4400萬美元/6900萬美元/1.99億美元。
Dessouky還對Magnite的差異化產品表示讚賞，它結合了廣告服務器和SSP，無論購買途徑如何，SSP都是出版商程序化渠道的核心紐帶。
此外，沃爾特·迪斯尼公司（紐約證券交易所代碼：DIS）和派拉蒙環球（納斯達克股票代碼：PARA）最近的通報表明，優質流媒體服務的計劃過渡正在順利進行中（到2024年底約爲50％），這支持了Magnite多年的股價上漲故事。
價格走勢：週五最後一次檢查時，MGNI股價上漲11.8％，至12.38美元。
