Wells Fargo initiated coverage of DoubleVerify (DV) with an Underweight rating and $14 price target Ffrom 2019-2023, DoubleVerify’s growth and market share were reinforced by the company’s leading position in programmatic activation, the analyst tells investors in a research note. The firm noted that ad spend is now shifting from programmatic display to social, CTV, and retail media, turning a tailwind into a headwind. The analyst added that the firm sees structural headwinds forming, beyond idiosyncratic customer challenges faces in 2024.
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