Craig-Hallum downgrades Cardlytics on consumer spending slowdown

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• Cardlytics (NASDAQ:CDLX) shares dropped over 6% on Tuesday after Craig-Hallum downgraded the stock from buy to hold.
• The brokerage also lowered its price target from $50 to $20, implying a 21% increase from last closing price.
• Craig-Hallum analyst Jason Kreyer cited a "challenging" consumer spending environment and risks outweighing near-term opportunities for the advertising company.
• Kreyer also highlighted JPMorgan Chase's acquisition of marketing platform Figg, suggesting that this could disrupt the business and remove the need for JPM's current partnership with Cardlytics.
• CDLX is down 77.40% YTD and 87.49% over the past 12 months.
• SA Quant rating on CDLX is a sell, but SA authors rate the stock at buy.
• Cardlytics (CDLX) is at high risk of performing badly, learn why