DoubleVerify Holdings (DV – Research Report), the Technology sector company, was revisited by a Wall Street analyst today. Analyst Brian Pitz from BMO Capital maintained a Buy rating on the stock and has a $24.00 price target.
Brian Pitz has given his Buy rating due to a combination of factors that highlight DoubleVerify Holdings’ potential for growth and resilience. One of the primary reasons is that the recent spending halt by a large customer is considered an isolated event, not indicative of broader structural issues. This customer, despite pausing spending due to external pressures, still maintains an open contract with DoubleVerify, suggesting potential for future business.
Additionally, the company’s Meta pre-bid initiative has shown promising early results, with expectations of significant contributions in the coming years. The potential for new clients like Kenvue, Google, and Microsoft to become major revenue contributors further bolsters the growth outlook. Despite concerns about the macroeconomic environment, DoubleVerify has not observed any adverse impacts, and the company is poised to return to high-teens growth through strategic investments and expansion in areas like connected TV and digital advertising across various platforms.
In another report released on February 28, JMP Securities also maintained a Buy rating on the stock with a $20.00 price target.
Based on the recent corporate insider activity of 87 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of DV in relation to earlier this year.