UPDATE: Evercore Partners Initiates Coverage on Twitter with Overweight Rating, $43 PT on Positive Outlook

In a report published Thursday, Evercore Partners analyst Ken Sena initiated coverage on

with an Overweight rating and $43.00 price target. In the report, Evercore Partners noted, “Twitter has clear similarities to Google, Facebook and LinkedIn, but we would argue that TWTR exceeds these alternatives on the basis of its branded ad potential. Still, similar to Google, Twitter charges advertisers on performance (i.e., CPCs / Paid Clicks). Therefore, in this report, while we explore its strengths in branded advertising stemming from its openness and real-time nature, we drill deeper into what we believe to be its core revenue drivers: clicks and cost-per-clicks. And as we hope to show, the distinction in how Twitter charges advertisers stands to deliver higher than expected ad revenues and ARPU in the years to come.” Twitter closed on Wednesday at $26.00.