Citi added four new buy names to its focus list as the market enters a new period of volatility.
Citi refreshed its highest conviction ideas for the next 12 months, as the market enters a new period of volatility. The S & P 500 is now up about 2.8% in 2023, through mid-afternoon Thursday, after briefly dipping negative year-to-date during Wednesday's trading session. Meanwhile, the Dow is down 2.9%, while the tech-heavy Nasdaq is up 11% year to date. Investors have been rattled by fears of a widespread banking crisis after the failure of Silicon Valley Bank.
We believe Criteo's leading position within Retail Media and its current valuation provides an attractive risk/reward here," Arounian wrote. Citi set a price target of $44 on the stock, which implies upside of almost 44% from its previous close. To be sure, Arounian also said the stock is a high-risk name, saying that it is vulnerable to a downturn in the broader advertising market and competition within the digital ad sector.
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