NEW YORK (TheStreet) -- Facebook  (FB)  is capable of significantly increasing its 2016 third quarter figures year-over-year, particulary with regard to its ad revenue numbers, Cowen Senior Analyst John Blackledge said on CNBC's "Squawk Alley" on Wednesday morning. 

Analysts surveyed by FactSet are expecting Facebook to report adjusted earnings of 97 cents per share on revenue of $6.93 billion for the quarter. For the same quarter last year, the company reported adjusted earnings of 57 cents per share on revenue of $4.50 billion. 

Cowen is expecting Facebook to post a 57% rise in ad revenue overall, including a 74% increase in mobile ad revenue, Blackledge said.

"I think the stock will grind up post-earnings," he noted.

During the company's 2016 second quarter earnings call, Facebook CFO David Wehner said "ad load on Facebook will continue to grow modestly over the next 12 months and then will be a less significant factor driving revenue growth after mid-2017."

But this shouldn't impact this quarter or the next quarter since, and Facebook has many paths to ad revenue, including its photo-sharing app Instagram, Blackledge said.

In mid-August, Instagram launched a feature called Instagram Stories that lets users record live photos and videos of themselves that disappear after 24 hours, much like video-sharing app Snapchat. This new feature already has 100 million daily active users, which is "pretty powerful" for how new it is, he said. 

Cowen will be focusing on Facebook's user engagement, as well as comments on how videos are performing on the platform, Blackledge said. 

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