UPDATE: Craig-Hallum Upgrades Cardlytics (CDLX) to Buy on Acquired TAM Growth
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Craig-Hallum analyst Jason Kreyer upgraded Cardlytics (NASDAQ: CDLX) from Hold to Buy with a price target of $145.00 on increasing enthusiasm around reopening trends, as macro data supports increased credit card spend, while management’s savvy investments on key acquisitions accelerate product offerings and increase the LT TAM.
The analyst stated "With the Bridg acquisition, we believe CDLX has the potential to double penetration across retailers by supplementing effective store-level offers with new SKU-level offers. Simultaneously, the company’s rich datasets gain increasing value as the advertising industry undergoes structural changes around consumer targeting. We believe CDLX’s strong ROI and measurability of ad spend will continue to garner additional wallet share from brands and advertisers. Given the mix of NT opportunity for outperformance and LT opportunity for TAM expansion, we’re upgrading the stock to Buy while maintaining our $145 price target. The recent pullback in shares, we believe, has created an attractive entry point for investors in a highly differentiated business with a substantial moat."
Shares of Cardlytics closed at $105.50 yesterday.
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