Nexxen International

NEXN · LONDON

$8.88−$0.17 (−1.88%)TodayMarket closed · Oct 23, 7:30 PM ET

Prev close $9.05

NEXN analyst rating

BuyConsensus of 9 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy9
Hold0
Underperform0
Sell0

12-month price target · 3 analysts

Average $26.03 (+193.1% upside)

Low: $25.77
Now: $8.88
High: $26.79

Upgrades and downgrades

The latest rating actions, newest first

NEXN analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
BTIG	Oct 21, 2026	Maintains	Buy	$13.00	43%
Canaccord Genuity	Aug 13, 2026	Maintains	Buy	$11.00 → $13.00	51%
Scotiabank	Aug 13, 2026	Maintains	Sector Outperform	$11.00 → $13.00	54%
RBC Capital	Aug 13, 2026	Maintains	Outperform	$11.00 → $13.00	35%
Rosenblatt	Aug 13, 2026	Maintains	Buy	$16.00	64%
BTIG	Aug 12, 2026	Maintains	Buy	$10.00 → $13.00	43%
Needham	Aug 12, 2026	Maintains	Buy	$10.50 → $13.00	55%
Craig-Hallum	Jul 9, 2026	Upgrade	Hold → Buy	$12.00	34%
Raymond James	Jun 17, 2026	Maintains	Outperform	$9.00 → $11.00	48%
Scotiabank	Jun 17, 2026	Maintains	Sector Outperform	$10.00 → $11.00	54%

The case for and against

Updated Oct 21, 2026

Bull case

Nexxen International is benefiting from a differentiated full-stack ad-tech platform that combines DSP, SSP, ad server, and DMP capabilities with proprietary data, driving cross-sell opportunities and giving customers a unified ecosystem that supports vendor consolidation and pricing power. Recent results reinforce that thesis, with ex-TAC revenue of $97.8M up 11% y/y, CTV revenue up 33% to $37.8M, and enterprise spend rising more than 25% as brands activated through enterprise customers increased to more than 750 from fewer than 400 in 2Q25. The outlook also looks attractive because FY/26 programmatic revenue guidance implies 11% to 15% growth, EBITDA guidance is maintained at a $127M midpoint with a 32.2% margin despite reinvestment, and the company holds $132.0M in cash with no debt.

Bear case

Nexxen International is viewed negatively because its outlook depends on a stronger-than-expected improvement in adj-EBITDA growth, yet the downside case assumes 500 bps weaker performance in CY/26E and CY/27E amid higher competition, macro pressure in digital advertising, and advertiser or publisher churn. The business also appears vulnerable to concentration risk, with 10% of 2020 revenue tied to one DSP customer, while any deterioration in ad demand could disproportionately hurt a platform heavily exposed to the advertising vertical. Cost trends reinforce the concern: adj-EBITDA guidance of $122–132M implies only about 6% to 14% Y/Y growth, but rising infrastructure spend, higher D&A, and stepped-up capex may keep margins under pressure.

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