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Fly News Breaks for July 22, 2016
FB
Jul 22, 2016 | 07:22 EDT
BTIG analyst Rich Greenfield acknowledges Facebook remains one of the only ways to play the shift of legacy media ad dollars to mobile, but also cautions that investor expectations have risen "dramatically" over the past year, leaving the bar set "simply too high." Greenfield downgraded Facebook to Neutral from Buy and removed his prior price target, noting that his new revenue and adjusted EBITDA estimates are below consensus expectations.
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