Criteo S.A. (CRTO) PT Raised to $47 at Raymond James
Raymond James analyst Aaron Kessler raised the price target on Criteo S.A. (NASDAQ: CRTO) to $47.00 (from $46.00) while maintaining an Outperform rating.
The analyst commented, "Criteo reported 2Q results ahead of guidance and consensus expectations driven by a strong online commerce backdrop, which drove outperformance across all of the company's offerings, including retargeting and new solutions. The company's outlook for the remainder of the year is slightly more positive, driven in part by continued retargeting momentum as a result of the delay of third-party cookie deprecation in Google's Chrome browser, though the Travel vertical remains challenged. We maintain our Outperform rating given: 1) we believe valuation is attractive at ~8x our 2022E EV/EBITDA; 2) we expect continued diversification including success from Retail Media to drive multiple expansion; 3) we are optimistic on Criteo’s initiatives to move beyond 3P cookies (e.g. recent alliance with TTD on its Unified 2.0 ID solution)."