DoubleVerify (DV) PT Lowered to $20 at Stifel

Stifel analyst Mark Kelley lowered the price target on DoubleVerify (NYSE: DV) to $20.00 (from $22.00) while maintaining a Buy rating.

The analyst commented, "DV missed and guided down as client-specific challenges continue. Throughout last year, the "cohort of 6" was a material headwind, as each client faced company-specific headwinds that translated into depressed ad spend, which we thought would create a better environment in 2025 as those challenges were lapped, but now a large CPG client (spent >$20mn in 2024) has shifted to platform-native offerings (META, etc.) as it works through a $3bn restructuring (DV assumes no revenue in 2025). The '25 outlook implies organic growth would have been +12.5-13.5% y/y as a starting point, absent this incremental client headwind, which we believe would have hit the mark for investors, given subdued expectations heading into the print. We were able to confirm the price increases we noted previously, which gives us comfort that the verification companies are in a race to the bottom. Maintaining our Buy but lowering estimates; TP goes to $20."

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