DoubleVerify initiated with an Overweight at Stephens

Stephens analyst Nicholas Zangler initiated coverage of DoubleVerify with an Overweight rating and $47 price target. DoubleVerify has been a “prime beneficiary” as advertisers and agencies seek to optimize digital ad spend among various channels, the analyst tells investors. The firm believes DoubleVerify is capable of growing revenues at a 20% compound annual growth over the next several years given industry and company-specific tailwinds that include the proliferation of CTV and retail media channels, recent and upcoming product launches with social media providers, an expanding solution set and elevated fee structure, the analyst tells investors.