BofA Boosts MGNI Price Target 48% Amid Google Ad-Tech Shift

A U.S. judge's order for Google to change its online ad auction practices has boosted the outlook for Magnite Inc. (MGNI) stock. BofA raised the price target for MGNI to $38 from $25, implying a 48% upside to the current closing price.

The firm expects Google's changes to shift advertising dollars away from Google's AdX exchange and toward competing platforms like Magnite. This could lead to an increase in Magnite's share of open-web display ads from about 6% to 8%-10%, capturing more market share and boosting growth.

Magnite stock has already gained nearly 18% in the past year, with a 9% rise in September alone. The stock is on track for its second consecutive monthly gain after BofA's positive assessment.