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Home / Market News / Twitter lifted to overweight, price target set at $65: KeyBanc

Twitter lifted to overweight, price target set at $65: KeyBanc

Posted by: Market Watch in Market News January 28, 2021

Citing “growing pains that are nearing an end” thanks to product catalysts, analysts at KeyBanc Capital Markets have upgraded Twitter to overweight from sector weight and set a $65 price target. “Our view is that execution is improving, and the combination of a cyclical ad recovery and new products creates potential for revenue to outpace our above-consensus revenue estimates in 2021 and 2022,” said analysts Justin Patterson and Sergio Sugura, in a note to clients dated Wednesday. They anticipate sustainable 20% plus annual revenue growth from Twitter’s core business. “Under a more bullish scenario, we think Twitter could attain 2022 revenue of $5.7 billion (around 10% above consensus),” said the analysts. Twitter is expected to announce fourth quarter results after the market close on Feb. 9. Shares of Twitter closed down nearly 3% at $48.19 a share on Wednesday.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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