DoubleVerify downgraded to Sector Weight from Overweight at KeyBanc

KeyBanc downgraded DoubleVerify to Sector Weight from Overweight without a price target. The firm says the company’s Q1 “was a thesis-changing quarter” that suggests the uplift from social and connected TV is taking longer than expected to play out while customer concentration is greater than perceived. There is now “real de-rating risk” of the shares until it becomes more clear DoubleVerify’s social and connected TV products are ramping, the analyst tells investors in a research note.