Raymond James analyst Aaron Kessler raised his price target for Cardlytics to $53 from $40 following the company's "strong" Q3 results highlighted by by 70% billings growth and solid EBITDA leverage. In a research note to investors, Kessler says he is keeping his Outperform rating, given Cardlytics provides a compelling return on ad spend for marketers, the strong value proposition for financial institutions, strong competitive moats, a significant runway for key revenue drivers including MAUs and ARPU, and the expectation for 20%-plus long-term EBITDA margins.