Stifel analyst John Egbert lowered his price target for Criteo to $17 from $22 saying the company's better than expected Q4 results were overshadowed by Q1 and fiscal 2020 guidance coming in significantly below expectations. Continued industry headwinds, particularly in core retargeting and among large existing clients, are expected to cause greater than 10% year-over-year declines in revenue ex-TAC, Egbert tells investors in a research note. He believes Criteo's ability to reduce its dependence on cookies / third-party data could depend on strategic acquisitions or partnerships, which bring "significant execution risk." The analyst keeps a Hold rating on the shares.