In a report published Wednesday, Nomura analyst Anthony DiClemente initiated coverage on Twitter TWTR with a Neutral rating, establishing a $60.00 price target.
According to the report, TWTR is a direct play on mobile ad growth, given its short-form format. As such, TWTR benefits from the significant secular tailwinds of global device penetration.
“Currently 70% of Twitter usage takes place on mobile, suggesting a clean runway for mobile monetization from here,” the report noted. “In this report, we emphasize three key positives on TWTR fundamentals; however, given a stretched valuation, it is difficult to argue for upside to current levels, and as such, we await a better entry point.”
TWTR closed Tuesday at $58.21.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in