DoubleVerify price target lowered to $39 from $45 at KeyBanc

KeyBanc lowered the firm’s price target on DoubleVerify to $39 from $45 and keeps an Overweight rating on the shares. The firm expects Q1 AdTech prints will largely be solid due to the recovery in brand spend, although it acknowledges DoubleVerify and IAS are more tied to product cycles than aggregate ad spend. Further, KeyBanc expects to see some optimism on third-party cookie deprecation timeline shifts being less disruptive to the industry.