Magnite

MGNI · NASDAQ

$23.81+$0.26 (+1.10%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $23.55

MGNI analyst rating

BuyConsensus of 11 analysts over the last 12 months. 91% rate it a buy.

Strong buy0
Buy10
Hold1
Underperform0
Sell0

12-month price target · 17 analysts

Average $30.69 (+28.9% upside)

Low: $22.22
Now: $23.81
High: $45.15

Upgrades and downgrades

The latest rating actions, newest first

MGNI analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Rosenblatt	Oct 2, 2026	Maintains	Buy	$40.00	64%
B. Riley Securities	Sep 18, 2026	Maintains	Buy	$27.00 → $30.00	56%
BTIG	Sep 9, 2026	Maintains	Buy	$27.00	39%
Needham	Sep 3, 2026	Maintains	Buy	$25.00 → $30.00	55%
Wells Fargo	Aug 7, 2026	Maintains	Equal-Weight	$21.00 → $22.00	33%
RBC Capital	Aug 6, 2026	Maintains	Outperform	$20.00 → $27.00	32%
Evercore ISI Group	Aug 6, 2026	Maintains	Outperform	$21.00 → $25.00	60%
Benchmark	Aug 6, 2026	Maintains	Buy	$30.00 → $33.00	43%
B. Riley Securities	Aug 6, 2026	Maintains	Buy	$20.00 → $27.00	54%
Susquehanna	Aug 6, 2026	Maintains	Positive	$22.00 → $30.00	57%

The case for and against

Updated Oct 14, 2026

Bull case

Magnite is viewed favorably because it has leadership in the fastest-growing part of the ad market, with CTV ex-TAC at 51% of total ex-TAC and growing 36% in 2Q26, while management still sees a 25% CAGR over 3–5 years. Its moat is reinforced by exclusive relationships with virtually all top-30 CTV publishers except YouTube, deep SpringServe integration, and a role as infrastructure for premium streamers that should support higher take rates, lower churn, and rising revenue visibility. Financially, the business is expected to keep scaling with FY26 revenue of $760.0 million and Adj. EBITDA of $281.1 million at a 37.0% margin, while antitrust remedies and expanding programmatic share could add further upside.

Bear case

Magnite is exposed to a structurally competitive and fragmented ad-tech market where independent SSPs, supply-path optimization tools, and walled gardens like Meta can compress take rates and weaken pricing power. Its business concentration adds risk, with 43% of revenue tied to CTV and 40% to mobile apps, while CTV growth depends on management executing against targets in a segment where it also provides upstream ad servers and faces evolving programmatic adoption. The cited risks of macro-driven ad spend weakness, lower customer growth, AI disruption, and contract terminations further cloud the path to the FY2027 assumptions of 6%-11% contribution ex-TAC growth and 36%-38.5% adjusted EBITDA margins.

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