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Fly News Breaks for May 26, 2016
FB, CRTO
May 26, 2016 | 07:13 EDT
The Jefferies U.S. Internet Team says shares of Criteo were pressured yesterday by reports noting Facebook (FB) could shut down its FBX ad exchange by November. This is not a surprise, and FBX is unrelated to Facebook's fast-growing mobile business, where Criteo is already "deeply partnered" to serve ads, Jefferies tells investors in a research note. Further, Criteo management assumed FBX would sunset by October, and factored this into their full-year outlook, the analysts contend. They point out that Criteo generated about 6% of net revenue in Q1 from Facebook, with less than half of that coming from FBX. The analysts keep a Buy rating on the shares with a $65 price target.
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