Shares of DoubleVerify Holdings Inc DV were climbing in early trading on Friday.
The New York-based company is likely to generate 23% revenue growth in 2024, the fastest “among all the digital advertising companies we cover,” according to Needham.
The DoubleVerify Analyst: Laura Martin maintained a Buy rating for DoubleVerify, while keeping the price target unchanged at $45.
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The DoubleVerify Thesis: There are several catalysts to drive the company to beat the current consensus estimates for 2024, Martin said in the note.
The analyst added that the upside could be driven by:
- Social video impression growth
- SciBids acquisition
- Margin expansion
- Free cash flow growth
- GenAI raising the company’s value as insurance
- Retail media networks upside
- Immunity to cookie deprecation
- Strong asset productivity trends
“The digital advertising industry, where DV competes, is large and growing at 10%-20% annually, suggesting a long term growth runway for DV,” Martin wrote.
“We believe that over the next 5 years, there will be a growing need to verify CTV ad impressions, which could add TAM of up to $800mm of yearly revenue upside for DV, by our calculation,” she added.
DV Price Action: Shares of DoubleVerify had risen by 2.74% to $37.52 at the time of publication on Friday.
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