Cardlytics price target lowered to $7 from $14 at Northland

Northland analyst Luke Horton lowered the firm’s price target on Cardlytics to $7 from $14 and keeps an Outperform rating on the shares. Following “a very messy quarter with results coming in well below the low end of guidance” and a much weaker than expected Q3 outlook, the firm notes that management called out delivery issues for advertising budgets stemming from tech upgrades to the platform as driving the significantly softer performance and guidance.