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Cowen and Company, Wells Fargo unmoved on Facebook's ad-metric misstep

Sep. 23, 2016 5:12 PM ETMeta Platforms, Inc. (META) StockMETABy: Eric McCaffrey, SA News Editor23 Comments
  • While Facebook (NASDAQ:FB) has already issued a statement regarding the immateriality of the events, Wells Fargo's Peter Stabler and Cowen and Company's John Blackledge reiterate similar sentiment.
  • Stabler: "Having reviewed multiple decks of actual campaign data and spoken with contacts on the measurement issue, we haven’t encountered analysis that has dwelled on “average view time”. Rather, the agency work we’ve reviewed has focused on CPV (cost per view) and more importantly, CPCV (cost per completed view). CPCV allows an agency/marketer to most easily analyze video ad performance across multiple providers (and formats, e.g. pre-roll) as a completed view metric is standard. Also, recent campaign data we’ve reviewed includes FB’s cohort analysis (% views that achieve 25%, 50%, 75%, and 100% completion)."
  • Blackledge: "In our view, this looks like a story in search of a controversy. We have every reason to expect that FB treats its metrics and definitions as sacrosanct and that this is a case of clarification versus an attempt to mislead advertisers. Perhaps most importantly, we don’t think this disagreement alters the rising importance of FB in advertiser budgets."
  • Both analysts maintain Outperform ratings.
  • Facebook shares today closed lower by 1.63%.

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