| Over a week ago | ||||
SunTrust analyst Youssef… SunTrust analyst Youssef Squali raised the firm's price target on Cardlytics to $75 from $55 and keeps a Buy rating on the shares. The analyst cites his recent positive conversations with the company CEO indicating gradual recovery in consumer spending and the return of advertisers to the platform. Squali adds that Cardlytics platform has surpassed the 150M MAU mark and represents "one of only a handful" of scaled digital platforms, offering marketers an effective performance channel that can "accurately" measure Return on Ad Spend. | ||||
Shares of advertising… Shares of advertising technology companies fell after BMO Capital said Apple's (AAPL) changes to access ID for advertising presents a headwind from them. HEADWINDS FOR AD TECH: BMO Capital analyst Daniel Salmon downgraded Criteo (CRTO) to Market Perform from Outperform with a price target of $13, down from $16. Apple is making changes to access ID for advertising that present a headwind for advertising technology companies, Salmon told investors in a research note. While not the worst case scenario of immediate and complete elimination, Apple's moves present risk to Criteo's iOS app business in the near term as IDFA was a key signal used for targeting, attribution and other uses, noted the analyst. As a result, Salmon said he cannot recommend Criteo for new investment dollars "until we get greater clarity on the issue." PRICE ACTION: Shares of Criteo fell 16% to $11.00 per share on Wednesday. PEERS TRADE LOWER: Criteo's advertising technology peers also closed significantly lower, including Rubicon Project (RUBI), Cardlytics (CDLX), QuinStreet (QNST), Trade Desk (TTD), and TechTarget (TTGT). | ||||
| Over a month ago | ||||
Conference call with… Conference call with management will be held on June 5 at 11 am hosted by SunTrust. | ||||
Conference call with… Conference call with management will be held on June 5 at 11 am hosted by SunTrust. | ||||
Shares of companies who… Shares of companies who have businesses relate to the advertising technology space are higher after one of their peers, Criteo (CRTO), made encouraging statements on Wednesday. CRITEO COMMENTARY: The advertising tech company on Wednesday provided an interim update on its second quarter financial performance, saying that "a continued decline of the company's revenues for the month of May compared to April had not materialized as anticipated." As of May 29, Criteo said overall revenue trends have been better than were expected at the time of the company's April 29 guidance for the second quarter of 2020. Additionally, the company believes it is on track to achieve its cost savings targets as anticipated in its April 29 guidance for the second quarter. ANALYST HAD LOWERED TARGETS: In early May, both Deutsche Bank and SunTrust lowered their price targets on Criteo. Deutsche Bank analyst Lloyd Walmsley lowered the firm's price target on Criteo to $16 from $22 on May 8 and kept a Buy rating on the shares. SunTrust analyst Matthew Thornton lowered the firm's price target on Criteo to $13 from $25 and also kept a Buy rating on the shares. Thornton said in a research note at the time that he sees Q1 results as "solid" given the COVID-19 outbreak and the FX headwinds, while adjusting his model to 10-times expected free cash flows and for enterprise value at 0.2-times expected gross sales. Thornton remained positive on Criteo's "very reasonable consensus and expected continued cash generation." PRICE ACTION: Shares of Criteo are up nearly 17% to $13.00 in afternoon trading. PEERS TRADE HIGHER: Advertising technology peers are higher, including Rubicon Project (RUBI), Cardlytics (CDLX), QuinStreet (QNST), Trade Desk (TTD) and TechTarget (TTGT). | ||||
Conference call with… Conference call with management will be held on June 5 at 11 am hosted by SunTrust. | |
Craig-Hallum analyst… Craig-Hallum analyst Jason Kreyer lowered the firm's price target on Cardlytics to $50 from $70 and keeps a Hold rating on the shares. The analyst notes that the macro environment over the past 8 weeks has created significant changes in consumer behavior, most notably in consumer spending. Cardlytics was on the forefront of these changes, foreshadowing some concerning metrics on its early-March Q4 call, Krever contends, adding that the backdrop has continued to work against the company as trends worsened in April. | |
SunTrust analyst Youssef… SunTrust analyst Youssef Squali raised the firm's price target on Cardlytics to $55 from $50 and keeps a Buy rating on the shares. The analyst notes the company's "solid" Q1 results and cautiously optimistic commentary around the effects of the pandemic on consumer spending. Squali states that after a 50% decline in April, the past few weeks are seeing signs of stabilization, with Cardlytics management adapting its strategy to help new and existing marketers navigate the challenging environment. | |
Wells Fargo analyst… Wells Fargo analyst Timothy Willi raised the firm's price target on Cardlytics to $55 from $45 and keeps an Overweight rating on the shares. The analyst believes a "solid" quarter with slightly better than expected revenue and "encouraging" discussion/results through April into early May should continue to drive investor confidence and the shares higher. | |
Reports Q1 revenue… Reports Q1 revenue $45.51M, consensus $44.21M. Q1 ARPU was 32c, a decrease of 3%, compared to 33c in Q1 of 2019 "We delivered solid first quarter results, with billings, revenue and adjusted contribution in the upper half of our prior guidance," said Scott Grimes, CEO & Co-Founder of Cardlytics. "Our team remains positive about the future and, despite the difficult nature of the COVID-19 crisis for our advertising partners, we have seen encouraging signs in our business." |