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More on Bernstein's downgrade of Facebook: Analyst Carlos Kirjner thinks improved mobile...

More on Bernstein's downgrade of Facebook: Analyst Carlos Kirjner thinks improved mobile monetization (the focus of his Nov. upgrade) is now partly priced in, and considers Facebook's 18% Y/Y Q4 North American ad price growth "anemic" in light of the fact costlier Sponsored Stories ads weren't running in the year-ago period. He sees NA and Western European ad price growth decelerating in 2H, something that makes it tough to justify a valuation of 15x 2014E EBITDA in the absence of new growth drivers. FB -2.3% AH.
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