DoubleVerify downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded DoubleVerify to Equal Weight from Overweight with a price target of $21, down from $40. The company’s “disappointing” Q1 results and fiscal 2024 guidance raise questions about its growth outlook, the analyst tells investors in a research note. The firm believes DoubleVerify “now needs to dispel concerns” around limits on large customer growth, the open web advertising spend opportunity and product fit in connected TV.