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Criteo Now Worth $65/Share After Gaining Market Share, Pacific Crest Says

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In a report published Wednesday, Pacific Crest analyst Evan Wilson maintained an Overweight rating on Criteo SA (ADR) (NASDAQ: CRTO), while raising the price target from $55 to $65, following cookie checks that suggest that the company has gained market share.

Cookie checks for Q2 suggest that "Criteo has cookies on 49 percent of the top 100 retail and travel sites (publisher and client) in the United States. That share increases to 51 percent when you remove the sites that do not register any of the 23 cookies we track. Target was a notable win in the United States," Wilson explained.

The company appears to have added Alibaba Group Holding Ltd (NYSE: BABA) as a customer, with some of Alibaba's sites outside of China had Criteo cookies for the first time. The cookies were found on sites in the U.S., France and Germany, on Alibaba.com as well as AliExpress.

"This could be a huge win, not only because of the non-China Alibaba revenue, but because it increases the likelihood that Criteo could win Alibaba's China business. Until then, we're roughly calculating the Alibaba International opportunity as €48 million of 2016 revenue," Wilson added.

With the check remaining strong, the analyst believes that Criteo is a dominant player in the retargeting market, with a variety of opportunities, going forward.

Latest Ratings for CRTO

DateFirmActionFromTo
Mar 2021Morgan StanleyMaintainsEqual-Weight
Mar 2021JMP SecuritiesUpgradesMarket PerformMarket Outperform
Feb 2021BerenbergMaintainsBuy

View More Analyst Ratings for CRTO
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Posted-In: Evan Wilson Pacific Crest SecuritiesAnalyst Color Price Target Analyst Ratings

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