UPDATE: Cantor Fitzgerald Downgrades Twitter on Current Valuation

In a report published Wednesday, Cantor Fitzgerald analyst Youssef Squali downgraded the rating on

from Buy to Hold, but reiterated the $32.00 price target. In the report, Cantor Fitzgerald noted, “We're downgrading TWTR to HOLD (from BUY) while maintaining a $32 PT, given the shares' 60% rise since IPO. While we remain fans of the service and believe the growth potential is real and significant, we find the current valuation excessive, discounting much of the short-term upside. We move to the sidelines until management begins showing proof of further upside to consensus estimates; we favor FB instead.” Twitter closed on Tuesday at $41.75.