Evercore ISI Upgrades Twitter, Inc. (TWTR) to Hold
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Evercore ISI upgraded Twitter, Inc. (NYSE: TWTR) from Sell to Hold and maintains a price target of $17.00.
Analyst Ken Sena commented, "The rating improvement reflects the recent fallout in share price from a stalled sale process, which now places shares more in line with our $17 target. In addition, despite softer checks, we suspect that 3Q guidance may prove sufficiently conservative given the first Presidential debate, the Olympics, and NFL Thursday Night games, even though we concede that the recent M&A speculation and the distraction this stands to create may further hinder performance. For 3Q, we are estimating revenues of $608mm (7% y/y) and Adj. EBITDA of $150mm (5% y/y and 25% of revenue)."
Shares of Twitter, Inc. closed at $17.56 yesterday.
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