UPDATE: Sterne Agee Initiates Coverage on Twitter Ahead of IPO Completion

In a report published Tuesday, Sterne Agee analyst Arvind Bhatia initiated coverage on

, but did not name a rating or price target. In the report, Sterne Agee noted, “Our valuation work suggests in the base case TWTR shares could be worth $25 to $32 in the next 12 to 24 months, respectively. In the upside case, shares could be worth $33 to $48 while in the downside case, shares could be worth $13 to $15 during the same period. As such, if the IPO is priced in the $17 to $20 range, shares would appear attractive from a risk-reward standpoint. We are launching coverage of the company but not establishing a rating or price target yet, pending the completion of the IPO next week.”