Magnite at Rosenblatt ai summit: ctv growth and google upside

On 18 August 2026, Magnite (MGNI) utilized Rosenblatt’s 6th Annual Technology Summit: The Age of AI (Part II) to emphasize two key growth factors for investors: a rapidly expanding connected TV business and potential benefits from Google antitrust remedies. While the company highlighted a robust operating model, it also noted that the upside from litigation remains uncertain and is not yet incorporated into consensus estimates.

With a market value of approximately $4 billion, Magnite has witnessed a 50% stock increase this year, after a 15% decline the previous year. The stock is trading near the upper range of its $10.82 to $26.65 52-week range, currently at $24.53. According to InvestingPro data, Magnite is up 104% over six months, although its high beta of 2.27 suggests substantial volatility.

The company's $40 price target was divided into two components: $20 linked to core business fundamentals valued at 11 times estimated 2026 enterprise value to EBITDA, and the other $20 tied to potential Google litigation remedies. Neither of these factors is accounted for in current earnings estimates or company guidance.

Magnite's management reported that revenue growth surpassed expectations, outpacing the initial forecast of over 11% for the year. EBITDA growth is anticipated to be in the mid-teens, while free cash flow growth is projected to exceed 20%. Connected TV (CTV) continues to outpace the broader ad market, with Magnite's contribution ex-TAC in CTV rising by 36% year over year, following a 30% increase in the first quarter. CTV now accounts for 51% of the company's revenue mix.

Nick Kormeluk, Magnite’s Senior Vice President of Investor Relations, attributed the company's outsized growth in CTV to the shift toward programmatic buying, which now constitutes the majority of ad spend growth in the sector. Magnite holds about an 80% share of programmatic CTV ad serving, compared to FreeWheel's dominant position in traditional broadcast, which ranges from 75% to 85%. A recent win of Samsung's home screen ad serving and SSP business from Publica further solidifies Magnite's position.

The company also highlighted a broader range of demand sources beyond the traditional Google and Trade Desk duopoly, including Amazon, Viant, and Mountain. Mid-market and small-business advertisers are increasingly entering the CTV space, with inventory use cases expanding from top-of-funnel campaigns to mid-funnel and performance-oriented work.

Magnite recently consolidated its SpringServe product into a unified platform that combines ad serving with two CTV SSP exchange platforms, resulting in improved customer stickiness and retention.

The company's strong operating model, with approximately 80% flow-through of incremental revenue to EBITDA, was underscored by a $10 million revenue beat translating into an $8 million EBITDA beat in the second quarter. With a perfect Piotroski Score of 9 and a financial health rating of 3.17 out of 5, Magnite is well-positioned for further expansion if growth remains elevated.

The discussion at the summit also centered around Google's ad tech antitrust case, with Magnite asserting that the tech giant's monopolistic behavior has not changed despite recent rulings. Google controls roughly 60% of the SSP and exchange market and takes nearly 50% at the exchange level, while Magnite holds only 6% to 8% of the market.

The company believes a fair share for Magnite would be closer to 15%, which could potentially be unlocked through behavioral remedies like Prebid, an open-source code standard.