DoubleVerify price target lowered to $25 from $40 at Macquarie

Macquarie analyst Tim Nollen lowered the firm’s price target on DoubleVerify to $25 from $40 and keeps an Outperform rating on the shares post the Q1 report. The company’s Q1 results were at the upper end of the guidance range on revenue and adjusted EBITDA, but management sees extended cuts at the handful of large clients that it highlighted last quarter, now continuing to cut spending on activation tools, the analyst tells investors in a research note.