Cardlytics downgraded to Market Perform from Outperform at Northland

Northland analyst Luke Horton downgraded Cardlytics to Market Perform from Outperform with a $5 price target. Turnaround initiatives are taking longer than expected and visibility is limited, the analyst tells investors in a research note. The current pricing model is not sustainable, and it is taking longer than expected to fix the problem, and the outdated reporting technology and lack of automation are causing disruptions to the billings cycle, the firm says. While Cardlytics has made meaningful improvements to the business as of late, but the slower than expected rollout of new technology and dynamic pricing model is causing significant disruptions, Northland argues.