DoubleVerify's (DV) social media advertising and connected TV, or CTV, ads are the most likely near-term sources of upside, while AI is expected to influence sentiment and remains a major area of focus for investors, RBC Capital Markets said in a note emailed Friday.

Management plans to generate about 50% of revenue from AI, Social and CTV segments by 2029, the brokerage said, adding that pharma, tech and healthcare sectors remain strong and could offset any potential volatility from retail.

Meanwhile, investors raised concerns about the risk of disintermediation. Management said Amazon (AMZN), Microsoft (MSFT), TikTok, Meta (META) and Google (GOOG, GOOGL) are all clients, as well as platform partners, reiterating that DoubleVerify can secure its own ad-spend offsite, the note said.

In Social, activation on Meta is priced at about 2x measurement, which creates a $40 million opportunity if the company can sell to half of its current Meta measurement customers. RBC said this is the most likely source of upside in 2026.

The firm also expects CTV to mature over time like Social, as competition creates incentives for publishers to open up.

RBC maintained an outperform rating on DoubleVerify with a $14 price target.

Price: 10.13, Change: -0.23, Percent Change: -2.27