KeyBanc lowered the firm’s price target on DoubleVerify to $40 from $45 and keeps an Overweight rating on the shares. The analyst expects the company’s September 14 innovation day will highlight how the Scibids acquisition creates opportunities to leverage artificial intelligence throughout DoubleVerify’s product portfolio and expands the total addressable market. While the firm sees consensus 2024 revenue estimates heading higher as Scibids enters numbers, it believe 2024 EBITDA margin estimates may need to come down to 30% to reflect initial investments.
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