Criteo initiated with a Market Perform at BMO Capital

BMO Capital initiated coverage of Criteo with a Market Perform rating and $28 price target. The company’s transition to higher growth retail media is still occurring and the Street views the stock as a “show me story,” the analyst tells investors in a research note. However, Criteo’s valuation implies the legacy retargeting is valued at close to zero, thus a leveraged buyout or takeover “could generate value,” says BMO.