DoubleVerify (DV) PT Lowered to $20 at Craig-Hallum

Craig-Hallum analyst Greg Palm lowered the price target on DoubleVerify (NYSE: DV) to $20.00 (from $22.00) while maintaining a Buy rating.

The analyst commented: "Yesterday, BrightView provided an updated outlook for FY25 results, highlighted below. We believe much of the reduction is a byproduct of outside influences, either from macro uncertainty or construction site labor challenges (which impacts timing of development jobs and therefore revenue recognition). Importantly, we don’t believe this is revenue that will be lost, given previous orders and still an elevated development backlog. Notably, the company actually increased its EBITDA margin and free cash flow guidance, which speaks to the continued success of the broader self-help turnaround initiatives internally, which we remind investors have been the primary focus of the P&L to date. While estimates are coming down and growth is getting pushed out, we are defending the stock and encourage investors to revisit on the pullback. As a result, we are maintaining our Buy rating but lowering our price target to $20."

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