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Fly News Breaks for September 7, 2018
FB, CRTO
Sep 7, 2018 | 10:38 EDT
Recent French press reports, which have been verified by the company, confirm that Facebook (FB) decertified Criteo as a Facebook Marketing Partner on July 1, meaning Criteo is no longer referenced as a Facebook preferred marketing partner and will not have access to beta testing new features, Goldman Sachs analyst Heath Terry told investors in a note sent before the open. While he expects the financial impact to be limited in the near-term, noting that Facebook only represented 4% of Criteo revenue ex-TAC in Q2, Terry sees this as a further sign of tightening standards among advertisers and publishers. He keeps a Neutral rating on Criteo shares and lowered his 2018-2020 revenue ex-TAC estimates by 2%, on average, to reflect potential pressure to net revenue from Facebook.
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