KeyBanc lowered the firm’s price target on DoubleVerify to $45 from $48 and keeps an Overweight rating on the shares. Fundamentally, DoubleVerify is off to a slower start in 2024 due to new customers ramping spend, but this sounds like a timing issue. However, investors are likely to anchor on competitor IAS’s comments around price cuts, which could weigh on the near-term multiple. While KeyBanc acknowledges this will take a quarter or two to resolve, it believes patient investors will be rewarded with a 20%-plus revenue grower with 30%plus EBITDA margin.
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