Evans Katie Seitz sold $1.0M of MGNI

Magnite Inc. (MGNI) stock rose 0.4% premarket after BofA raised its price target to $38, citing growth prospects from Google's ad-tech changes. BofA expects Magnite's share of open-web ads to increase. The stock has gained 9% in September. A U.S. District Judge ordered Google to loosen ad-tech rules, benefiting competitors like Magnite. B. Riley also raised its price target for MGNI to $30.

BofA Securities raised its price target for Magnite (MGNI) to $38, up 50%, citing potential benefits from DOJ findings on ad-tech monopolistic practices. The stock is currently at $25.67, with a 48% upside potential. Magnite's market share could rise to 8-10% from 6%. GF Value™ estimates MGNI is overvalued at 72.3% above its intrinsic value of $14.90, with a GF Score™ of 73/100.

BofA Securities raised Magnite's price target to $38, citing potential benefits from DOJ's ad-tech case against Google. The new target implies 48% upside.

AppLovin (APP) stock fell 5% after Edgewater Research warned of stalled market-share growth, projecting 8-9% Q4 revenue growth. Citi data shows APP's e-commerce clients grew 5% in one week. Competitors Magnite (MGNI) and The Trade Desk (TTD) also declined but face different pressures. APP's decline reflects growth and competition concerns, with legal overhang adding uncertainty.

Magnite (MGNI) shares rose 7.2% after a judge unsealed the full ruling in the Google (GOOGL, GOOG) antitrust case, imposing remedies that may benefit adtech companies. Analysts raised price targets for Magnite, citing the ruling's positive impact. The stock is up over 100% in six months and trades at 23 times earnings.

Magnite (MGNI) and PubMatic (PUBM) rose 5% and 6% respectively after a court ruling required Google to enable interoperability with Prebid. Craig-Hallum raised its price target for Magnite to $32, citing the ruling as beneficial for independent sell-side platforms. Alphabet (GOOGL) gained 0.8%, while The Trade Desk (TTD) fell 0.5%.