Why Magnite Stock Jumped to All-Time Highs Today

Shares of Magnite (NASDAQ: MGNI) jumped 10.5% to all-time highs today after getting a price-target bump from Wall Street. Craig-Hallum boosted its valuation estimate from $25 to $45, which represents 24% upside from yesterday's closing price.

Analyst Jason Kreyer reiterated a buy rating on the advertising technology specialist, arguing that Magnite will continue to benefit from the ongoing shift in ad budgets from linear TV to connected TV (CTV) platforms. The analyst believes that there are already signs of strong demand for CTV as we start 2021.

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Source Fool.com