Wells Fargo downgrades Criteo to Equal Weight amid U.S. customer pressure

As previously reported, Wells Fargo analyst Alec Brondolo downgraded Criteo (CRTO) to Equal Weight from Overweight with a price target of $18, down from $34. The firm notes the company reported in-line Q1 results, but guided Q2 revenue 8% below and cut full year guidance. While Wells anticipated some volatility given macro combined with high international business mix, new challenges cited with U.S. customers stand in contrast to industry peers, the firm argues.