Analysts at Berenberg Bank provided their views on Criteo S.A. (NASDAQ:CRTO), reducing their price target to $58.50 from $66 given current tough times for the company, while their buy rating was maintained.

The analysts reduced their revenue estimates due to the company’s withdrawal from the Russian market, which accounts for less than 2% of contribution excluding traffic acquisition costs (CexTAC), and the evidence of softer e-commerce spend, which the analysts believe will impact e-commerce advertising.

The analysts now forecast constant FX growth in fiscal 2022 of 8.8%, below the guidance of 10-12% and their previous forecast of 11.7%. The analysts mentioned that the company remains solidly profitable with robust growth potential even after those challenges.