Stifel has revised its price target for DoubleVerify downward to $17, retaining a Buy rating despite an unexpected resilience in the advertising sector. This change comes alongside a broader decrease in estimates across their coverage of digital advertising and e-commerce due to anticipated consumer spending slowdowns. The firm has expressed notable discomfort with their future estimates, likening current market conditions to those seen during the COVID pandemic, suggesting potential declines in e-commerce and marketplace growth as consumers navigate rising prices.
Stifel has reduced its price target on DoubleVerify to $17 from $20, maintaining a Buy rating but expressing concerns about the overall digital advertising market.
Despite the advertising sector holding up better than expected, Stifel is lowering estimates for its digital advertising, e-commerce, marketplaces, and subscriptions following shifts in consumer spending.
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