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UBS analyst Eric Sheridan noted that Twitter Inc (NYSE: TWTR) management delivered stable or improving user growth and engagement for the second successive quarter, driven by initiatives related to live video and product.
Sheridan maintained a Buy rating on the company, with a price target of $22.
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Value
“While ad revs continue to be a point of debate, Twitter is focusing around key platform growth opportunities while making solid progress on ad solutions,” the analyst mentioned.
Although investors are still concerned about the company’s standalone and strategic value, Sheridan believes that the stock continues to have a compelling risk/reward profile, considering both the current sentiment as well as the consensus expectations for 2017.
Q3 Results
Twitter reported a beat on revenues and EBITDA for Q3, along with better than anticipated Monthly Active Users, as well as accelerating engagement across Daily Active Users, time spent and Tweet impressions.
Management commentary on advertising yield and lower quarter on quarter ad load was also positive, as was the stated target of achieving GAAP profitability of 2017.
On the other hand, U.S. ad revenue declined 2 percent year-on-year during Q3, along with a sharp deceleration in ad engagements, which fell from up 226 percent year-on-year in Q2 to 91 percent year on year growth in Q3.
Sheridan believes there could be “potential for outsized variability in Q4 revs due to salesforce transition,” while pointing out that the Q4 EBITDA guidance was below the estimate.
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.