In a report released yesterday, Maria Ripps from Canaccord Genuity maintained a Buy rating on DoubleVerify Holdings (DV – Research Report), with a price target of $24.00.
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Maria Ripps has given her Buy rating due to a combination of factors that highlight DoubleVerify Holdings’ strategic advancements and growth potential. The company’s recent acquisitions of Scibids and Rockerbox are pivotal in developing a comprehensive ad tech suite, known as the DV MediaAdVantage Platform (DV MAP). This platform aims to enhance verification, optimization, and measurement capabilities, which are expected to drive significant savings for advertisers and increase the adoption of new products through a bundling strategy.
Additionally, DoubleVerify’s shift towards a percent of spend pricing model positions it to benefit from any increases in CPMs. The company has also provided an optimistic growth outlook, with Q2 growth expected to be around 17% year-over-year and an improved FY25 growth forecast. Despite these positive indicators, the stock remains undervalued compared to previous levels, presenting an attractive opportunity for investors. Furthermore, the potential for scaling core verification solutions and upselling an expanding suite of products suggests a path to consistent, robust growth, which could bolster investor confidence over time.
Ripps covers the Communication Services sector, focusing on stocks such as Nexxen International, Alphabet Class A, and Netflix. According to TipRanks, Ripps has an average return of 22.5% and a 50.41% success rate on recommended stocks.
In another report released today, Needham also maintained a Buy rating on the stock with a $18.00 price target.