Magnite: A Strong Buy Under $15

  • While the company is suffering from some temporary softness in CTV due to automotive and travel segments, things are already improving.
  • CTV, as well as DV+ and more generally programmatic advertising remain secular tailwinds with the company now the largest independent SSP.
  • There is great operational leverage in the business model and acquisition cost will run off their finances which will absorb most of any softening of the economy.
  • The shares are surprisingly modestly valuated.
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