Magnite (MGNI) will likely post "solid" Q2 results and potentially remove some conservatism from its 2025 guidance based on results from its peers and checks, RBC Capital Markets said in a note Thursday.

"We've heard more resiliency coming out of [connected TV] and particularly mobile which should be a positive for Magnite's exposure," RBC analysts said.

RBC said sentiment has been positive across ad-tech since Q1 results, but Magnite has outpaced the group partly because it potentially benefits from the ongoing Google anti-trust trial as well as a series of recent partnerships in areas like connected TV.

The investment firm said there are multiple potential catalysts in H2 and into 2026, including opportunities to gain market share in CTV and sell-side platform space.

RBC raised its price target to $27 from $19, and kept its outperform rating on Magnite.

Magnite shares were rising more than 2% in recent trading Thursday.