Cardlytics downgraded to Hold from Buy at Lake Street

Lake Street analyst Jacob Stephan downgraded Cardlytics to Hold from Buy with a price target of $5, down from $18, after the company reported a Q2 miss with weaker-than-expected Q3 guidance. The firm views the CEO transition as “surprising,” but expects this to be a seamless transition with Amit Gupta taking the reins and adds that while overall it views Cardlytics’ pipeline as “promising,” it believes investors will have to wait to see the improvements in the platform positively impact financials.