Raymond James analyst Aaron Kessler downgraded Cardlytics to Market Perform from Outperform without a price target. The analyst cites valuation for the downgrade, saying he thinks the risk reward has become less favorable at current levels and that shares are pricing in a lot of the long-term potential at current levels. Kessler tells investors that while he thinks Cardlytics can reach these long-term numbers, he feels this is largely priced in at the current share price. While downgrading his rating, Kessler says he maintains a positive fundamental view on shares.