UPDATE: Goldman Sachs Starts DoubleVerify Inc (DV) at Buy
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Goldman Sachs analyst Christopher Merwin initiates coverage on DoubleVerify Inc (NYSE: DV) with a Buy rating and a price target of $47.00.
The analyst comments "DoubleVerify is a leading provider of advertising solutions to businesses, helping with ad verification, fraud prevention, and brand safety. We estimate the TAM for these products is at least $10bn today, and along with the steady shift of ad spend to digital channels, we believe growing risks around online fraud and brand safety (particularly on social channels) will sustain steady structural growth in this category, helping to mitigate the cyclical swings of the advertising market. We estimate DV can grow at a 30% CAGR from FY20-FY23. With shares trading at 12x CY22 sales relative to our expectation for 32% top line growth (vs. peers at 19x CY22 sales relative to 25% growth), we believe shares are attractively valued at current levels."
Shares of DoubleVerify Inc closed at $30.86 yesterday.
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