Cardlytics price target lowered to $3 from $5 at Lake Street

Lake Street lowered the firm’s price target on Cardlytics (CDLX) to $3 from $5 and keeps a Hold rating on the shares. The firm believes the stock “remains in the proving grounds,” but adds it is encouraged by emerging better ad delivery performance and supply side inventory. The firm cites broader multiple compression in the space for its price target cut.