tags: analyst/spruce-point-capital ...

We reiterate a “Strong Sell” opinion on DV with 35% — 45% ($15.90 — $18.80 per share) downside risk. We believe DV’s competitor Integral Ad Science (Nasdaq: IAS) offers superior value through better positioning to faster growing foreign markets, greater financial transparency, and stronger patent protection. As a result, we are long the stock and see 20% — 30% ($19.20 — $20.80 per share) upside potential as the valuation gap narrows.

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