Downgrading Criteo to No-Moat; Lowering FVE to $34 from $35
We are downgrading our moat rating for Criteo to no-moat from narrow. In our view, limitations brought forth by browser providers such as Apple and its Intelligent Tracking Prevention, or ITP, may adversely impact Criteo’s ability to capture enough user data, in turn weighing on the firm’s machine-learning capabilities, ad purchase and placement, and client growth, all of which will impact the firm’s intangible assets and network effects economic moat sources. For this reason, we have less confi...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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