Stifel analyst Mark Kelley has adjusted the price target for Criteo to $46 from $61, while keeping a Buy rating on the shares. This decision comes amid a broader strategy to lower estimates across digital advertising services, e-commerce, and marketplace coverage due to anticipated slowdown in growth, particularly as consumers are facing rising prices. Despite advertising performance exceeding initial expectations, Kelley expresses a rare level of discomfort regarding future forecasts, especially in context to the current economic environment, highlighting concerns about the sustainability of growth outside pandemic conditions.
Stifel analyst Mark Kelley lowered the price target on Criteo to $46 from $61 while maintaining a Buy rating, indicating a cautious market outlook on advertising.
Despite advertising holding up better than expected, the firm is reducing estimates across its digital advertising and e-commerce sectors due to anticipated declines in growth.
The firm expressed significant concern over future estimates, stating 'we can’t remember a time outside of COVID where we’ve felt this level of discomfort with our forward estimates.'
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