UPDATE: SunTrust Robinson Humphrey Downgrades Twitter to Neutral, Reiterates $50 PT as Valuation is Stretched

In a report published Monday, SunTrust Robinson Humphrey analyst Robert S. Peck downgraded the rating on Twitter TWTR from Buy to Neutral, but reiterated the $50.00 price target. In the report, SunTrust Robinson Humphrey noted, “We are lowering our rating on Twitter to Hold from Buy, as the stock has surpassed our year end 2014 $50 target by ~20%. We remain extremely positive on the long term opportunity for the company due to several factors: Twitter has become one of the major Internet platforms, the company is still in a very nascent stage of its life cycle; Twitter has significant optionality in front of it; and the company has a strong management team with a unique vision of permeating the ‘interest graph.'” Twitter closed on Friday at $59.00.