Magnite price target raised to $24 from $20 at Craig-Hallum

Craig-Hallum analyst Jason Kreyer raised the firm’s price target on Magnite to $24 from $20 and keeps a Buy rating on the shares. The firm notes Magnite (MGNI) announced an integration into Amazon Publisher Services, providing expanded access to all Amazon (AMZN) streaming inventory across Fire devices. Importantly, Magnite will act as a gateway to Amazon opening up inventory to broader demand sources via its DSP relationships. While Magnite previously had a role in helping Amazon fill streaming impressions, this creates significantly greater scope, and opens up inventory previously unavailable to third parties, like Amazon’s exclusive and original content, Craig-Hallum argues. The firm also notes that the announcement follows several other key wins year-to-date, including X, Pinterest (PINS), and Disney (DIS).

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