As a fiscal conservative, I really don't see how Gary Johnson lines up with the socialist positions of Bernie Sanders. That said, young voters tend to back a candidate based on whether that candidate appeals to them on an emotional level. Policies and positions don't seem to be considered all that important, so this ad may get younger voters to take a look at Governor Johnson, which would be a good thing. (He did a decent job in New Mexico, and would not be a bad choice for president).
If I were young and Sandersesque (which I once was), I'd give an ear to a guy like Johnson, who's the kind of Libertarian who's pro-choice on everything. That's attractive. It's not until folks get older and are on their own and having to struggle that they warm up more to some nanny state ideas. The Sanders voters are probably more fertile ground for Gary Johnson than any other constituency.
Young voters are not as set in their views. Many young folks are actually very open to libertarian economics; they're not yet fully burdened down by "the bills". There is an attraction in being able to chart your own course without government interference that young people like in Libertarian economics.
As an aside, the most exciting young political voice is Rep. Justin Amash (R-MI). He's a libertarian Republican and a Never Trump guy. I would not be surprised if he's pretty visible on the campaign trail. I would not be surprised if he actually went out and endorsed Johnson and spent time trying to convince young voters why free market economics is better than statism. It would be refreshing to see a campaign where candidates actually try to convince people that they're right, rather than pander.
The Fiscal Conservative is not an issue - A lot of Sanders supporters are fiscal conservatives. Apart from Gary having no charisma the Liberty people are looked as too close to the GOP abandoning the social liberal stances.
What is his stances of Gay Marriage - If he wants young Sanders supporters, he has to support that.
What is his stance of Climate Change - If he wants young Sanders supporters, has to fight for a habitable planet for future generations
You can package these issue with a moderate stance on abortion, no wars, legalize marijuana, bar mandatory sentence , protect privacy & rally against stuff like patriot act, leave religion & state as separate, have a moderate/reasonable policy on immigration & fight against Citizens United/Super Pacs.
Social Liberals are the majority probably of Sanders supporters - Even if Johnson is against Govt sponsored healthcare, education & wants to cut the debt, as long as the cuts are not too harsh, the tax cuts on the top few not too steep & if he has an aggressive stance on social issues, then he will get a section of Sanders supporters.
I am ignoring the fact that the guy acts like a complete tool without any charisma!