Needham & Co. increased its price target for Magnite Inc. to $30 from $25 while maintaining a Buy rating, following a court decision restricting Google’s advertising business. The stock was trading at $24.88 at the time of the report.
Magnite, a digital advertising technology company, has seen its shares rise 81% over the past six months. Needham’s upgrade reflects expectations that restrictions on Google’s Display & Video 360 (DV+) platform could accelerate market share gains for Magnite. The firm estimates that each 1% of revenue shifted from Google to Magnite would add approximately $50 million in net revenue, excluding traffic acquisition costs (TAC). This potential migration represents a 6% upside relative to Needham’s fiscal 2027 net revenue forecast of $842 million.
Scotiabank also raised its price target for Magnite to $27 from $17, maintaining a Sector Outperform rating. The bank highlighted Magnite’s strong operational performance, noting a 30% year-over-year increase in EBITDA and a 17% rise in ex-TAC contributions. Connected TV (CTV) revenue grew 36% year-over-year in the second quarter of 2026.
Magnite reported non-GAAP earnings of $0.26 per share in Q2 2026, beating the $0.25 estimate, on revenue of $192.8 million, which exceeded the $179.2 million forecast. The company has a market capitalization of $3.57 billion and generated $742 million in trailing twelve-month revenue.
Five analysts have revised Magnite’s earnings estimates upward for the upcoming period, according to InvestingPro data.
