Integral Ad Science initiated with an Outperform at Baird

Baird initiated coverage of Integral Ad Science with an Outperform rating and $19 price target. The analyst expects the company to benefit from its “significant number” of recently announced partnerships and product expansions that should ramp in the second half of 2023. Integral also has the potential for outsized multiple expansion given its “meaningfully discounted valuation,” the analyst tells investors in a research note. Baird says the business is well aligned with ongoing trends in the advertising industry.