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

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

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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