Morgan Stanley analyst Matthew Cost downgraded Integral Ad Science (IAS) to Equal Weight from Overweight with a price target of $12, down from $18. The analyst sees ongoing execution uncertainty following the company’s multi year deceleration versus DoubleVerify (DV) and its decision to reduce price for some existing customers in 2024. Integral Ad’s choice to reduce price for some existing customers was the likely right strategic decision, but it speaks to a broader set of headwinds the company is facing that have led to a meaningful divergence in results from DoubleVerify, its closest competitor, the analyst tells investors in a research note.
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