DoubleVerify price target lowered to $26 from $30 at Canaccord

Canaccord lowered the firm’s price target on DoubleVerify (DV) to $26 from $30 and keeps a Buy rating on the shares. The firm said Q4 results came in below expectations, with both revenue and adj. EBITDA underperforming consensus driven by a large customer implementing a broad-based cost-cutting initiative that is impacting its advertising and marketing partners including DoubleVerify, and a slowdown in brand advertiser spend leading up to and after the election.