UPDATE: Canaccord Genuity Starts DoubleVerify Inc (DV) at Buy
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Canaccord Genuity analyst Michael Graham initiates coverage on DoubleVerify Inc (NYSE: DV) with a Buy rating and a price target of $40.00.
The analyst comments "The rapid rise in prevalence of digital advertising has raised the bar for marketers to gain confidence in the effectiveness of increasing amounts of spending, and this same trend has led to greater prevalence of fraud and inadequate brand safety efforts. DoubleVerify's proprietary technology is integrated throughout the digital advertising ecosystem, including programmatic platforms, social media channels, and digital publishers, enabling the company to analyze over 5 billion digital ad transactions daily to ensure impressions are free of fraud, in a brand-safe environment, and completely viewable within the correct geography. We expect DV to continue to grow alongside its existing customers and leverage its position as a trusted third-party to help all marketers and publishers achieve more optimal results. After pricing its IPO at $27 and briefly trading above $38, DV stock has settled back to current levels near $30 and still carries a somewhat premium valuation. However, in DV we see a well-run, well-capitalized company taking market share while solving a critical market need, and this should support growth in revenue and profitability."
Shares of DoubleVerify Inc closed at $30.86 yesterday.
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