Magnite Shares Rise on Court Ruling in Google Antitrust Case
Shares of Magnite (NASDAQ: MGNI) surged more than 12% early Thursday before settling at a 7.2% gain, driven by a court ruling that could reshape the adtech industry. A U.S. District Judge rejected the Justice Department's request to force Alphabet’s Google to sell its AdX advertising exchange but outlined remedies aimed at increasing competition in digital advertising markets. The judge mandated oversight of Google for six years and required it to allow publishers access to real-time bidding and competing ad exchanges, which analysts believe will benefit independent platforms like Magnite. In response, two Wall Street firms raised their price targets on MGNI stock, with StoneX analyst Daniel Kurnos boosting his target from $33 to $43 while maintaining a buy rating. Magnite’s stock has more than doubled in the past six months and currently trades at 23 times earnings. Analysts suggest that despite this growth, its potential remains underestimated by investors.
