Cannonball Research yesterday downgraded DoubleVerify (DV) to Neutral from Buy with a price target of $14, down from $25. The structural challenges to the company’s business model make the stock “virtually uninvestable at this point,” the analyst tells investors in a research note. The firm says DoubleVerify’s fiscal 2024 showed that the business model “has run out of growth potential.” The issues from last year, such as high customer concentration and soft results from new offerings, “look structural and appeared to surprise the management,” contends Cannonball.
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