Nomura Instinet analyst Mark Kelley lowered his price target for Criteo to $14 from $19 saying the company's 2020 guidance was significantly below consensus as increased ad targeting headwinds from browser policy changes are expected to affect the core retargeting business. On the positive side, Criteo's new products continued to generate solid results, growing 44% year-over-year and now comprise 16% of total revenue ex-TAC, Kelley tells investors in a post-earnings research note. However, its momentum in mid-market clients continued across regions but was more than offset by softness in large clients, adds the analyst. He keeps a Neutral rating on Criteo.