RBC Capital shared its views on Magnite (NASDAQ:MGNI) ahead of the upcoming Q1 earnings, which will be released on May 10.
The analysts continue to have incremental confidence around continued strength in adjusted EBITDA compared to the midpoint guide of $93 million though more substantial improvements in the margin will come in H2/23.
After a challenging year-end, the analysts feel incrementally more positive about results against the Q1 guide with checks pointing to stabilization of trends relative to when guidance was given in mid-February. That said, 2023 guidance will likely remain conservative, pointing towards a back-half loaded year, as the analysts remain mindful of any downward pressure on results due to macros.