KeyBanc analyst Andy Hargreaves downgraded Criteo (CRTO) to Sector Weight saying the intelligent tracking prevention in Apple’s (AAPL) new operating system appears likely to have a larger impact on the company’s revenue than he previously expected.

Criteo’s workaround, while effective at tracking retail behavior, appears to be less than 50% effective at matching users on the publisher side, which is much lower than anticipated, Hargreaves tells investors in a research note.

He lowered his fair value estimate for the shares to $49 from $62. The France-based company specializing in digital performance marketing closed yesterday up 13c to $46.14.