Criteo SA

CRTO · NASDAQ

$15.39+$0.18 (+1.18%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $15.21

CRTO analyst rating

BuyConsensus of 7 analysts over the last 12 months. 57% rate it a buy.

Strong buy0
Buy4
Hold3
Underperform0
Sell0

12-month price target · 14 analysts

Average $21.88 (+42.1% upside)

Low: $14.14
Now: $15.39
High: $36.61

Upgrades and downgrades

The latest rating actions, newest first

CRTO analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Wedbush	Aug 20, 2026	Maintains	Outperform	$30.00 → $25.00	58%
Morgan Stanley	Aug 6, 2026	Maintains	Equal-Weight	$29.00 → $25.00	60%
Bernstein	Aug 6, 2026	Downgrade	Outperform → Market Perform	$35.00 → $20.50	44%
Benchmark	Aug 6, 2026	Maintains	Buy	$25.00 → $21.00	44%
Wedbush	Jul 16, 2026	Initiates	Outperform	$30.00	58%
DA Davidson	Jul 7, 2026	Maintains	Buy	$24.00	40%
DA Davidson	Jun 23, 2026	Maintains	Buy	$24.00	40%
Morgan Stanley	May 13, 2026	Maintains	Equal-Weight	$33.00 → $29.00	60%
Wells Fargo	May 7, 2026	Downgrade	Overweight → Equal-Weight	$34.00 → $18.00	33%
Benchmark	May 7, 2026	Maintains	Buy	$30.00 → $25.00	44%

The case for and against

Updated Oct 15, 2026

Bull case

Criteo is well positioned for upside because OpenAI brand integrations have already surpassed 2,000, more than double the 1,000 announced at the end of April, while ChatGPT traffic is converting at roughly 1.5x to 2x traditional referral traffic and bringing in about 80% new paid traffic to brands. The company’s Retail Media segment is accelerating, with 2Q gross spend up 32% y/y and 21% y/y excluding the largest client, yet current guidance does not include any OpenAI or new initiative contribution, leaving meaningful room for incremental growth. Valuation also looks compelling, as the stock trades at 1.6x ‘26E adj. EV/EBITDA and only about 2x total company EV/’26E adj. EBITDA, which supports the positive outlook on asset value and takeout optionality.

Bear case

Criteo is facing a deteriorating fundamental backdrop because 2Q26 results missed expectations across the top line, with total contribution ex-TAC of $255mm and revenue of $428mm both below guidance and consensus, while FY outlook was cut and Performance Media was guided to a high-single-digit constant-currency decline. The weakness appears structural rather than merely macro, as management said several large enterprise Performance Media clients further reduced spending and the guide assumes no recovery from that cohort through the balance of the year, while Retail Media growth was not enough to offset the decline. Although adjusted EBITDA held up at $73mm on cost discipline, free cash flow was negative $38mm due to elevated capex, underscoring limited operating leverage, execution risk, and vulnerability to privacy, competition, and Chrome-related disruptions.

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