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Benzinga
Benzinga
Business
Anusuya Lahiri

Truist Is Bullish On Criteo Despite Google's Privacy Sandbox Announcement

Criteo Google CRTO
  • Truist analyst Matthew Thornton noted the Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) Google's multi-year initiative to extend its Privacy Sandbox to Android, mirroring efforts in web tracking that limit the sharing of user data with third parties. 
  • Google plans for the transition to take at least two years and is looking for input from industry stakeholders in shaping the design of the privacy solution. 
  • A beta release is likely later this year, he adds. 
  • Thornton pointed out that Android accounts for about 15% of Criteo SA's (NASDAQ:CRTO) revenue.
  • The analyst noted that he has anticipated/assumed that Android tracking would phase out for some time, currently modeling a transition starting in the second half of 2023, and thus "today's news has zero impact on model." 
  • Thornton has a Buy rating and a price target of $50 on Criteo's shares (59.2% upside).
  • Price Action: CRTO shares traded lower by 3.18% at $30.40 on the last check Wednesday.
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