Twitter Inc (NYSE:TWTR) on Friday received a big price target bump from analysts at BTIG Research.
The firm reiterated its Buy rating on TWTR and lifted its price target to $30 from $25. That new target suggests a 23% upside to the stock’s Thursday closing price of $24.35.
BTIG noted it believes Twitter is still in the early stages of a multi-year turnaround. The firm lauded the fact that company management has refocused on its core product, pushed their product team to iterate far faster than ever before in history, and embraced video to a much higher degree.
In fact, BTIG says TWTR created a platform for premium content creators that is “brand-safe” for advertisers, and more importantly, has made the Twitter user experience more compelling by showing consumers the tweets they care most about through AI and machine learning. The end result, the firm notes, has been better user growth and a far more engaged user base, with repeat visits and time spent in the app improving dramatically.
BTIG noted the stock has been extremely volatile in the past 11 months since they upgraded it to Buy, however, and warns the recovery will continue to suffer bumps along the road. Still, the firm is increasingly confident that management has set Twitter on the right path, which is reflected by ad buyers’ sentiment meaningfully improving during the last six months.
Twitter Inc shares rose $0.39 (+1.60%) in premarket trading Friday. Year-to-date, TWTR has gained 1.42%, versus a 3.47% rise in the benchmark S&P 500 index during the same period.
Try StockNews.com Premium Today!
Get access to our daily newsletters, Best Stocks List, POWR Ratings, and much more!
Free for 14 days -- no credit card required!