Core Insights - The communication services sector has several oversold stocks, presenting potential buying opportunities for undervalued companies [1][2] Company Summaries - **Amber International Holding Ltd (NASDAQ:AMBR)**: Reported a year-over-year increase in Q2 sales, with total revenue reaching $21.0 million, driven by a record revenue of $11.5 million in wealth management. The stock has fallen approximately 44% over the past month, with an RSI of 23.5 and a closing price of $2.44 [8] - **Verizon Communications Inc (NYSE:VZ)**: Announced a commercial agreement with AST SpaceMobile for direct-to-cellular connectivity starting in 2026. The stock has decreased around 9% over the past month, with an RSI of 23.9 and a closing price of $39.75 [8] - **Criteo SA (NASDAQ:CRTO)**: Entered a multi-year partnership with DoorDash to enhance advertising opportunities. The stock has fallen about 10% over the past month, with an RSI of 25.1 and a closing price of $19.65 [8]

Core Insights - Criteo (CRTO) and DoorDash (DASH) have entered into a multi-year partnership aimed at enhancing advertising across DoorDash's marketplace, focusing on grocery, convenience, and non-restaurant retailers [1] Group 1: Partnership Details - Criteo will act as an extension of DoorDash's U.S. ad sales team, collaborating with brands and agencies [1] - The partnership will explore opportunities for integrating advertising technologies between the two companies over time [1]

Core Insights - Criteo S.A. and DoorDash, Inc. have announced a multi-year partnership to enhance advertising opportunities in DoorDash's marketplace, focusing on grocery, convenience, and non-restaurant retail sectors [1][2] - The partnership aims to leverage the growth of retail media, providing brands with new ways to reach consumers closer to the point of purchase [2] Partnership Details - Criteo will function as an extension of DoorDash's U.S. ad sales team, collaborating with brands and agencies to scale media placements on DoorDash's platform [2] - The companies plan to explore deeper integration of their advertising technologies over time [2] Advertising Opportunities - Advertisers using Criteo will have access to various DoorDash ad formats, including on-site video, display banners, Sponsored Product, and Sponsored Brands, as well as off-site channels like display, video, search, and social [3] - The partnership is expected to help advertisers reach consumers more effectively, drive measurable sales, and influence incremental trips [5] Strategic Statements - Stephen Howard-Sarin from Criteo emphasized the importance of delivery in the consumer journey and noted that DoorDash has become a key destination for convenience, grocery, and alcohol brands [4] - John Roswech from DoorDash highlighted the goal of building an ad platform that supports business growth on DoorDash and beyond, citing Criteo's strong relationships in the grocery and retail sectors as a reason for the partnership [6] Market Reaction - Following the announcement, CRTO shares increased by 2.78% to $22.15, while DASH shares rose by 0.53% to $272.67 in premarket trading [6]

Core Insights - Criteo and DoorDash have announced a multi-year partnership to enhance advertising across DoorDash's platform, focusing on grocery, convenience, and other non-restaurant retailers [1][2][3] - This partnership aims to provide advertisers with new channels to reach consumers at the point of purchase, leveraging various ad formats and off-site channels [2][3] Group 1: Partnership Details - Criteo will act as an extension of DoorDash's U.S. ad sales team, collaborating with brands and agencies to explore advertising technology integration [1][3] - The partnership is expected to help advertisers effectively reach consumers, drive measurable sales, and streamline retail media buying [3] Group 2: Industry Context - Retail media is identified as one of the fastest-growing segments in digital advertising, highlighting the increasing importance of targeted advertising in the consumer journey [2] - DoorDash's platform is positioned as a critical destination for convenience, grocery, and alcohol brands, emphasizing its role in the evolving local commerce landscape [3][5]

Group 1 - ClearBridge Investments released its second-quarter 2025 investor letter for the ClearBridge Small Cap Strategy, highlighting volatility in small-cap stocks during the quarter [1] - The Russell 2000 Index rebounded 10% from its November 2024 record highs, driven by growth, momentum, high-beta, and low-quality stocks, but underperformed compared to the Russell 1000 Index, which returned 11.1% [1] - The ClearBridge Small Cap Strategy underperformed its benchmark during this period [1] Group 2 - Criteo S.A. (NASDAQ:CRTO) was highlighted in the investor letter, with a one-month return of -6.74% and a 52-week loss of 47.53% [2] - As of September 12, 2025, Criteo S.A. closed at $22.01 per share, with a market capitalization of $1.152 billion [2] - Concerns over Criteo's long-term growth and profitability forecasts were raised after its largest retail media client announced a significant reduction in the scope of Criteo's services starting in November [3] Group 3 - Criteo S.A. is not among the 30 most popular stocks among hedge funds, with 18 hedge fund portfolios holding the stock at the end of the second quarter, up from 15 in the previous quarter [4] - While Criteo is acknowledged for its investment potential, the company is viewed as having less upside compared to certain AI stocks, which are considered to carry less downside risk [4]

Core Insights - Criteo has announced a new integration with Google, becoming the first onsite retail media partner for Google, which is expected to enhance opportunities for brands in the digital commerce landscape [1][3]. Integration Details - The integration will start with a limited beta for select customers in the Americas via Google Search Ads 360, with plans for global expansion and inclusion of additional Google Marketing Platform tools [2]. - Criteo's network of over 200 retailers will be able to receive demand from Google Search Ads 360, allowing advertisers to create, launch, and optimize campaigns efficiently [3]. Industry Impact - The retail media industry is projected to reach $204 billion by 2027, but spending is currently concentrated among a few dominant players. This integration aims to diversify the retail media landscape by enabling more retailers to attract advertising budgets [4][6]. - The partnership is designed to provide unified measurement for retailers, helping brands understand the incremental impact of their advertising, which can lead to better budget allocation and investment decisions [3][4]. Company Statements - Google emphasized the importance of connecting advertisers with customers during their shopping journey through onsite sponsored product ads, enhancing the overall advertising performance view [4]. - Criteo expressed excitement about partnering with Google to scale brand advertising for retailers, aiming to maximize the value of ad inventory and connect more brands to its global retail network [5].

Group 1 - The new CEO of Criteo, Michael Komasinski, expresses excitement about the opportunity to lead the company and believes in the growth potential of the platform ecosystem [1][2] - Komasinski emphasizes that platforms will continue to gain market share within the ecosystem, indicating a long-term trend towards platform dominance [2] - The CEO's background in the agency sector provides him with insights into the ecosystem, leading to a strategic focus on platform growth as a key priority for Criteo [2]

Summary of Criteo's Conference Call Company Overview - **Company**: Criteo - **CEO**: Michael Komasinski - **Duration of CEO Tenure**: Just over six months Strategic Goals and Outlook - Criteo aims to expand its position in the retail media ecosystem, which is identified as the fastest-growing sector in digital advertising [4][5] - The company is focused on enhancing its performance engine and leveraging significant data assets to drive AI opportunities [5][6] - Criteo's strategy includes exploring adjacent markets to capitalize on synergistic opportunities [6] Performance Media Segment - The resolution of cookie deprecation has provided stability in the addressability landscape, allowing Criteo to focus on product development rather than protecting existing products [8][11] - The company is enhancing its full funnel, cross-channel, and self-service capabilities to attract a larger advertiser base [11][12] - A potential 1% market share gain could translate to a double-digit million opportunity for Criteo's Commerce Grid Supply-Side Platform [12] Agency Relationships - Criteo has been building strong relationships with agencies, which control a significant portion of media investment decisions [15][16] - The company is underpenetrated in the agency segment, presenting substantial growth opportunities [24] - Criteo's products are designed to be complementary to agency offerings, enhancing efficiency in retail media buying [15][17] Commerce Go Product - Commerce Go is a self-service tool aimed at SMB advertisers, currently in early rollout with 15% to 20% of long-tail clients migrated [27][29] - The product simplifies campaign management, allowing users to set up campaigns with minimal clicks [27][28] Connected TV (CTV) Opportunity - Criteo recognizes CTV as a rapidly growing segment and is developing audience products in partnership with platforms like Roku [31][32] - The company aims to integrate CTV as a biddable supply channel to influence consumer behavior [32][33] Meta Partnership - Criteo's partnership with Meta is growing at a rate of 30%, focusing on cross-channel performance [37] Agentic Commerce and GenAI - Criteo is preparing for the future of commerce through agentic commerce, which involves integrating with large language models and enhancing data capabilities [41][42] - The company is exploring monetization strategies for agentic commerce while ensuring its data infrastructure is robust [43][50] - AI is being integrated into Criteo's products to enhance efficiency and user experience, with significant improvements in audience building and campaign management [54][56] Retail Media Products - Criteo is scaling its retail media offerings, with new formats like on-site video and auction-based display driving incremental revenue [61][62] - The company is focused on holistic page optimization to balance e-commerce and advertising objectives [62][63] - Criteo is piloting programmatic solutions to address supply-demand imbalances in retail media [63][64] Conclusion - Criteo is strategically positioned to leverage its data assets and enhance its product offerings in the rapidly evolving digital advertising landscape, particularly in retail media and connected TV. The focus on agency relationships and self-service tools like Commerce Go indicates a commitment to expanding its market share and driving growth in activated media spend.

Core Viewpoint - Criteo S.A. will present at the Citi 2025 Global TMT Conference on September 4, 2025, showcasing its role in the commerce ecosystem [1] Company Overview - Criteo is a global platform that connects the commerce ecosystem for brands, agencies, retailers, and media owners [2] - The company utilizes an AI-powered advertising platform with access to over $1 trillion in annual commerce sales, facilitating connections with shoppers and enabling personalized experiences [2] - Criteo serves thousands of clients and partnerships across global retail and digital commerce, providing technology, tools, and insights for performance and growth [2]

Group 1 - Criteo S.A. is considered meaningfully undervalued due to internal improvements and exposure to long-term growth trends [1] - The company has successfully repositioned itself into a broad-based commerce media model over the past few years [1] Group 2 - The analyst has over 13 years of diverse financial analysis experience across various sectors, including Auto, Industrials, and IT [1] - The analyst's background includes managing investor relations and strategic finance for a listed IT company with a market cap of approximately USD 2.5 billion [1] - The analyst has developed strong expertise in market analysis, valuation models, and investment strategy [1]