Cardlytics price target lowered to $8 from $14 at Needham

Needham lowered the firm’s price target on Cardlytics to $8 from $14 and keeps a Buy rating on the shares. The company’s Q4 results were "mixed", with billings being roughly in-line with expectations, revenue coming in light, and EBITDA coming in better than expected, the analyst tells investors in a research note. The firm adds that Cardlytics’ Q1 guidance was light as recessionary fears are placing pressure on both consumer spending and advertising budgets. Needham further notes however that at enterprise value to expected FY24 adjusted contribution multiple of 1.5, the risk-reward on the stock is "favorable".