Cardlytics price target lowered to $10 from $12 at Craig-Hallum

Craig-Hallum lowered the firm’s price target on Cardlytics to $10 from $12 and keeps a Hold rating on the shares. The company has announced strong Q4 preliminary results in conjunction with settling the SRS dispute over earnouts related to the Bridg acquisition, and its expected Q4 results reflect a record $10M EBITDA, which should begin to reflect the profit-generating capabilities in the business, the analyst tells investors in a research note. The firm adds however that while it is “warming to the Cardlytics story”, the main overhang on the stock – the balance sheet – needs to be resolved.