Criteo’s Lower Guidance Offsets Strong 3Q Results; Maintaining $51 FVE; Shares Slightly Undervalued
While Criteo’s third-quarter results beat consensus and projections within our internal model, the firm disappointed the Street with lower-than-expected fourth quarter net revenue guidance due to the possible impact of Apple’s Intelligent Tracking Prevention, or ITP, on the firm’s top line. As we have noted before, our gross and net revenue projections include such risk, which is why Criteo’s latest guidance was slightly above our assumption. Due to the ITP issue increasing downside for the stoc...
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