Cardlytics price target lowered to $3 from $4 at Evercore ISI

Evercore ISI lowered the firm’s price target on Cardlytics (CDLX) to $3 from $4 and keeps an In Line rating on the shares in the wake of a “Beat and Lower” quarter. The firm notes the company made continued progress in Q4 on campaign delivery issues and drove higher than expected pipeline wins, helping to offset anticipated spend reductions from key accounts in the restaurant and travel verticals. However, management’s Q1 outlook was muted and commentary for the remainder of FY25 suggests to Evercore a more gradual billings rebound than it had previously expected. While the firm sees some green shoots and encouraging signs of progress here, it now views the path to sustainably positive adjusted EBITDA as a bit longer.