Craig-Hallum Endorses Magnite's $31M SpringServe, Reiterates Rating, Price - Magnite (NASDAQ:MGNI)

Craig-Hallum analyst Jason Kreyer hailed Magnite Inc's MGNI acquisition of video ad server SpringServe for $31 million.
He reiterates a Buy rating and $50 price target on the stock.
The acquisition "could be nearly as consequential for the company as the Telaria and SpotX deals" despite the "negligible" financial obligation and contribution, Kreyer stated.
Kreyer's talks with industry experts suggest "a very welcomed alternative" for an alternative ad server, housed in a fully integrated ad stack, from an independent provider in an ad server market dominated by Alphabet Inc's GOOG GOOGL Google and Comcast Corp CMCSA Freewheel.
Kreyer expects the acquisition to help Magnite capture incremental wallet share for its publishers.
Price action: MGNI shares traded lower by 3.06% at $33.62 in the market session on the last check Friday.