Craig-Hallum lowered the firm’s price target on Cardlytics to $12 from $18 and keeps a Buy rating on the shares. After reporting a strong Q4 2023 and robust outlook, Cardlytics reported “a clunker of a Q1,” says the firm. Billings hugged the low-end of the guide and revenue fell $3M short. Ultimately the growth story remains intact, and profit should continue to scale, but the story now carries some credibility issues, Craig-Hallum adds.
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