- Craig-Hallum analyst Jason Kreyer hailed Magnite Inc's (NASDAQ: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 (NASDAQ:GOOG) (NASDAQ:GOOGL) Google and Comcast Corp (NASDAQ: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.
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