KeyBanc analyst Justin Patterson raised the firm’s price target on DoubleVerify to $48 from $40 and keeps an Overweight rating on the shares to reflect incremental confidence in the Reels and short-form video product cycle. While the firm is cautious Q1 expectations are high, it believes DoubleVerify is poised for accelerating growth over the course of 2024. In KeyBanc’s view, DoubleVerify should continue to garner a premium multiple given the duration of 20%-plus annual revenue growth and consistent 30%-plus EBITDA margin.
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