Criteo initiated with an Overweight at KeyBanc

KeyBanc analyst Justin Patterson initiated coverage of Criteo with an Overweight rating and $40 price target. The analyst believes Criteo’s model transition and advertising technology sector sector volatility has masked the company’s progress in retail media. As growth re-accelerates to 10%-plus and margins expand, Criteo’s multiple can expand, the analyst tells investors in a research note.