NEW YORK (TheStreet) -- Facebook (FB) - Get Report  last week admitted to inflating video metrics over the past two years, but the controversy is not a big deal in the grand scheme of things, Cowen & Co. analyst John Blackledge said on CNBC's "Squawk on the Street" on Monday morning.

The metric artificially inflated the amount of time that Facebook said viewers watched the video by counting only views that lasted more than three seconds, Facebook's VP of business and marketing partnerships David Fischer explained in a Facebook post on Friday. 

Since advertisers only pay Facebook on a cost per "view" basis, or for videos played for more than three seconds, the miscalculations did not affect what the advertisers paid the company over the past few years, according to

"They miscalculated on a metric that was not billable for advertisers," Blackledge said. 

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Besides, video is still in its early stages at Facebook and is still "probably the biggest initiative at the company right now," he claimed. 

In the future, the Facebook feed will be increasingly geared toward video, Blackledge said. 

"It's a little blip in the road, but not a long-term issue at all for the company," he concluded. 

Cowen & Co. has an "outperform" rating and a $150 price target on the stock.

Shares of Facebook were lower in early-afternoon trading. 

(Facebookis held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holding with a free trialhere.)

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings team rates Facebook as a Buy with a ratings score of A-. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that the team rates.

You can view the full analysis from the report here: FB

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