UPDATE: Topeka Capital Markets Initiates Coverage on Twitter with $54 PT Ahead of IPO

In a report published Thursday, Topeka Capital Markets analyst Victor Anthony initiated coverage on Twitter TWTR with a $54.00 price target. In the report, Topeka Capital Markets noted, “We are initiating coverage of Twitter pre-IPO with a $38 billion fair value target for year-end 2014, or $54 per share. We believe that Twitter's user and advertising monetization platform is in the early innings. We see a well-defined ecosystem with strong network effects developing around Twitter that should lead to out-sized shareholder returns for years to come. As such, we recommend investors buy the shares of Twitter to capture upside from Twitter's value creation engine.”