JMP Securities analyst Andrew Boone lowered the firm’s price target on DoubleVerify to $40 from $45 and keeps an Outperform rating on the shares. While JMP acknowledges issues around Q1 and back-half-loaded guidance for 2024, the firm still believes that DoubleVerify generates positive return on investment for advertisers by protecting their ad spend, it is the leading technology firm in the space, helping it to take share, and its opportunity is not yet saturated, which is validated by 124% net dollar retention in 2023, the analyst tells investors in a research note.
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