DoubleVerify upgraded to Overweight from Equal Weight at Barclays

Barclays analyst Raimo Lenschow upgraded DoubleVerify to Overweight from Equal Weight with a price target of $29, up from $25. Valuation levels are "still interesting" for U.S. software in 2023, but estimates remain "seemingly too high" given the macro headwinds, Lenschow tells investors in a research note. As such, he believes the first half of the year will remain difficult for software, but sees "hope" for the second half "as numbers don’t seem to have significant downside." Lenschow adjusted ratings after considering what to do in a potential recession.