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Twitter Inc (NYSE:TWTR) is trading down 26 percent since the social media platform's second-quarter print, and it's a correction Nomura has been expecting.
The Rating
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Analyst Mark Kelley upgraded Twitter from Reduce to Neutral and maintained a $31 price target.
The Thesis
Kelley considers investor expectations “appropriately reset” as the risk-reward profile balances out. (See the analyst's track record here.)
He expects immediate investments in platform clean-up — the consequences of which have been negatively received — to drive user base engagement in the long term. At the same time, ad format and relevancy improvements are seen to boost advertiser retention and growth, and the launch of a self-serve offering could catalyze margin expansion.
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The analyst said he suspects the positives are offset by poor monthly active user trends.
“With this in mind, we also believe there is still some downside risk to [the first half of 2019] estimates (though they have come off a bit), and we expect the debate around privacy and platform health investments will lead to a discussion around the long-term margin profile management has outlined,” Kelley said.
Price Action
Twitter shares were trading up 2.23 percent to $32.08 at the time of publication Tuesday.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.