What happened Shares of Magnite (NASDAQ: MGNI) popped today, up by 10% as of 12:15 p.m. EST, after a Wall Street analyst boosted her price target on the stock. Needham analyst Laura Martin remains very bullish on Magnite's prospects. So what Martin reiterated her buy rating on Magnite shares while increasing her valuation estimate from $15 to $18. The advertising technology company stands to benefit from numerous trends, according to Martin. Political ad spending should be strong in the fourth quarter, cord-cutting continues to accelerate among U.S. households, and consumers are buying more streaming devices per household. Image source: Getty Images. Advertisers are spending more on upfront ads, to the tune of an estimated $7 billion. There is also a marked demographic shift in consumer usage that is pushing advertisers to adopt connected TV platforms. Magnite was created from the merger of Rubicon Project and Telaria that was announced last year and closed over the summer. Now what According to Martin, advertising-based video-on-demand companies like Magnite and The Trade Desk "have more valuation upside" than subscription video on demand competitors. She noted that Magnite generates virtually all of its revenue from advertising and its connected-TV revenue grew by 50% year-over-year in the third quarter to comprise nearly 20% of revenue. The analyst suggests that the COVID-19 pandemic has pulled forward several key catalysts by one to two years, since the crisis has caused a surge in demand and engagement for home entertainment options such as over-the-top streaming TV platforms. 10 stocks we like better than Magnite, IncWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Magnite, Inc wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 Evan Niu, CFA has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Magnite, Inc and The Trade Desk. The Motley Fool has a disclosure policy.Source