Pivotal Research Initiates a Buy Rating on Criteo SA


In a report released today, Brian Wieser from Pivotal Research initiated coverage with a Buy rating on Criteo SA (NASDAQ: CRTO) and a price target of $48. The company’s shares closed on Friday at $33.47.

Wieser noted:

“We are initiating coverage on Trade Desk. In the mid- term, we think that Criteo will resume high single digit growth and gradually improve its margins from a larger revenue ex-TAC base than The Trade Desk has at present. We think The Trade Desk can grow rapidly this year, but should decelerate in subsequent years and eventually plateau at a size that is smaller than Criteo’s. While both companies go to market in different ways, at core they are both exposed to broadly similar trends and both have similar long-term opportunities for growth. From there we derive an enterprise value of EV/EBITDA or 9.2x 2019 EV/EBITDA) and an enterprise value of EV/EBITDA or 14.5x 2019 EV/EBITDA).”

According to TipRanks.com, Wieser is a 5-star analyst with an average return of 9.9% and a 73.0% success rate. Wieser covers the Services sector, focusing on stocks such as Interpublic Group of Companies, Nielsen Holdings, and 21st Century Fox.

Currently, the analyst consensus on Criteo SA is a Strong Buy with an average price target of $44.25, representing a 32.2% upside. In a report issued on June 25, Raymond James also upgraded the stock to Buy with a $41 price target.

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Criteo SA’s market cap is currently $2.22B and has a P/E ratio of 21.54. The company has a Price to Book ratio of 2.35.

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Criteo SA is a global technology company, which specializes in digital performance marketing. The firm enables e-commerce companies to leverage large volumes of granular data to engage and convert their customers. Its solutions include criteo shopper graph; criteo engine; publisher network; client platform; and product portfolio.

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