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Why Sarhan Capital's CEO Thinks Twitter And Social Media Can Go Higher

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Why Sarhan Capital's CEO Thinks Twitter And Social Media Can Go Higher

Adam Sarhan was recently a guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick.

Sarhan Capital CEO Adam Sarhan was bullish on Twitter Inc (NYSE: TWTR) and social media.

Sarhan noted that social media did not exist a few years ago and that it "changed the world" though innovation and would continue to do so.

For Twitter, Sarhan observed that following its IPO the stock fell and then spent time not "doing anything," similar to Facebook Inc (NASDAQ: FB) following its IPO.

If Twitter was able to continue its current rally, the next "important high to watch" would be the October high of $55.99, according to Sarhan.

"I think this thing's going higher," Sarhan concluded about Twitter and he felt the entire social media space would continue to grow.

Shares of Twitter traded recently at $50.90, up 1.6 percent.

Listen to the show here:

 

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