First Berlin Equity Research has published a research update on Verve Group SE (ISIN: SE0018538068). Analyst Ellis Acklin reiterated his BUY rating and decreased the price target from EUR 4.00 to EUR 3.50.

Abstract
Verve has appointed Bryan Jennings as its new CFO, bringing on board a seasoned finance executive with extensive capital markets experience and an AdTech background. We think the hire is a good fit for the company’s current priorities of improving cash conversion, deleveraging, and supporting profitable organic growth. Attention now turns to Q3 results slated for 23 November. We expect Verve’s increasingly sophisticated targeting capabilities, which help advertisers deliver measurable outcomes, alongside benefits from the recently unified platform, to have supported low- to mid-single-digit organic sales growth (OSG). External growth from the Captify and acardo acquisitions should provide a further boost. We also expect Verve brass to confirm 2026 guidance, although we continue to regard the lower end of the range as the more realistic execution case in a still choppy ad market. Meanwhile, we have lowered our target price to €3.5 (old: €4.0) to reflect the latest rise in German bond yields. We remain Buy-rated on Verve (312% upside).