DoubleVerify's Social Media Revenues To Gain From META, TikTok Line Of Products, Analyst Boosts Price Target
Portfolio Pulse from Nabaparna Bhattacharya
Needham analyst Laura Martin reiterated a Buy rating on DoubleVerify Holdings (NYSE:DV) and raised the price target to $45 from $35. Martin believes Meta Platforms (NASDAQ:META) and TikTok will drive DV's social media revenues, with META's contribution potentially doubling in the next 12-24 months. Instagram Reels and YouTube shorts are expected to add measurement revenues in 2024.
June 16, 2023 | 6:27 pm
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Needham analyst Laura Martin expects Meta Platforms to contribute significantly to DoubleVerify's social media revenues, potentially doubling its contribution in the next 12-24 months.
While the news highlights Meta Platforms' potential to contribute to DoubleVerify's revenues, it does not directly indicate any significant impact on Meta's own stock price. The focus of the news is on DoubleVerify's growth prospects, making the impact on Meta's stock neutral in the short term.
CONFIDENCE 75
IMPORTANCE 40
RELEVANCE 50
POSITIVE IMPACT
Needham analyst Laura Martin raised DoubleVerify's price target to $45, expecting growth in social media revenues driven by META and TikTok. Instagram Reels and YouTube shorts are expected to contribute in 2024.
The raised price target by Needham analyst Laura Martin indicates a positive outlook for DoubleVerify's stock. The expected growth in social media revenues driven by META and TikTok, as well as contributions from Instagram Reels and YouTube shorts in 2024, suggest a strong potential for revenue growth and stock appreciation.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100