DoubleVerify's Social Media Revenues To Gain From META, TikTok Line Of Products, Analyst Boosts Price Target

Needham analyst Laura Martin reiterated a Buy rating on DoubleVerify Holdings, Inc. DV, raising the price target to $45 from $35.

The analyst believes Meta Platforms Inc. META is half of DV's total social revs, and contribution from META could double over the next 12-24 months when DV adds brand safety to its META product suite of viewability and fraud prevention.

The analyst thinks TikTok is DV's second strongest upside revenue driver in social media over the next 12 months, driven by DV adding brand suitability to its other two products.

The analyst notes that in 2024, Instagram Reels and YouTube shorts will add measurement revenues.

Overall, retail media networks will drive DV's total addressable market and revenue upside in 2024, Martin notes, as more brands insist on closing the loop between ad spending and sales.

Price Action: DV shares are trading lower by 0.50% to $36.78 on the last check Friday.