Shares of Magnite (NASDAQ: MGNI) popped today, up by 10% as of 12:15 p.m. EST, after a Wall Street analyst boosted her price target on the stock. Needham analyst Laura Martin remains very bullish on Magnite's prospects.
Martin reiterated her buy rating on Magnite shares while increasing her valuation estimate from $15 to $18. The advertising technology company stands to benefit from numerous trends, according to Martin. Political ad spending should be strong in the fourth quarter, cord-cutting continues to accelerate among U.S. households, and consumers are buying more streaming devices per household.
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Source Fool.com