DoubleVerify double downgraded to Underperform at BofA

As previously reported, BofA double downgraded DoubleVerify to Underperform from Buy with a price target of $18, down from $45. The firm cites predominantly long positioning, difficulty justifying high long-term growth expectations and a lack of bullish catalysts. The company’s lowered calendar year 2024 guidance and its explanations are not consistent with a “predictable greater than 20% long term grower,” the analyst tells investors.