DoubleVerify price target lowered to $19 from $25 at Macquarie

Macquarie analyst Tim Nollen lowered the firm’s price target on DoubleVerify to $19 from $25 and keeps an Outperform rating on the shares. The firm updated models and target prices in the media technology group ahead of the Q3 result. The advertising market appears solid, with ad agency organic growth averaging 3% again in Q3, the analyst tells investors in a research note. The firm says this should support modest improvement in linear TV ad revenues, though still negative excluding the Olympics. It cites DoubleVerify’s customers not returning to spending for the target cut.