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

Truist analyst Matthew Thornton noted the Alphabet Inc GOOG 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 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.