AP Analyst Robert Peck, of SunTrust Robinson Humphrey, is downgrading Twitter to hold after the stock’s recent run.
He’s maintaining his $50 price target, but says that since it is 20% ahead of that target, it’s time to downgrade the stock.
In the last two weeks Twitter has increased by 40%. Peck has a list of reasons for the increase, but he doesn’t think these reasons really justify the bump.
“More interestingly, the company’s stock has run over 40% in the last 2 weeks on several announcements, but nothing truly significant or unexpected, including: Apple buying Topsy; roll out of Tailored Audience; direct messaging of photos; and MoPub native ads implementation. We think all of these announcements are positive, but expected and they don’t fully explain the recent stock run.”
Read also:
Why Twitter Was Downgraded (Update 1) (TheStreet.com)
This Morning: Twitter Breaks its Fever, More Apple China Estimates, AMD … (Barron’s (blog))
Twitter Inc (NYSE:TWTR) Tweaks Its Advertising Revenues (WallStreetPR)
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