CRTO - Truist trims Criteo target amid 'uncertainty' in Iponweb deal

Criteo stock (NASDAQ:CRTO) is 4.3% lower today amid a broader-market decline, and alongside a price target cut at Truist Securities - with links to the Russia-Ukraine conflict. Criteo now says it's unsure whether or when can complete a $380 million acquisition of Iponweb, a UK-based advertising technology founded by Russian-born Boris Mouzykantskii that has most of its engineering team in Moscow. "This is unfortunate as it creates uncertainty (now reflected in stock) around an accretive/strategic deal and potential catalyst," Truist says. It's therefore removing Iponweb from its Criteo model to be "prudent," and trimming its price target to $45 from $50 - still implying 53% upside. It's sticking with a Buy rating, expecting positive revisions, buybacks, and merger/acquisition optionality.

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Truist trims Criteo target amid 'uncertainty' in Iponweb deal