DoubleVerify named 2024 Top Pick at Needham

Needham names DoubleVerify (DV) the firm’s Top Pick for 2024 and also adds the stock to the Needham Conviction List, replacing Magnite (MGNI). The firm keeps its Buy rating and $45 price target on DoubleVerify shares, but believes that the company will grow the fastest among all the digital advertising companies it covers. The analyst cites DoubleVerify’s Social Video impression growth, Scibids upside, margin expansion and free cash flow upside as some of the drivers that will allow the company to “over deliver” vs. consensus estimates. GenAI also raises DoubleVerify’s value as “insurance”, Needham writes.