Twitter (TWTR): More Brain Drain - Mizuho
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Mizuho Securities analyst, Neil Doshi, reiterated his Underperform rating on shares of Twitter, Inc. (NYSE: TWTR) after the CFO, Anthony Noto, will take over as COO with Adam Bain leaving the company.
The analyst stated "The timing of Mr. Bain's departure is concerning to us. Last month, Twitter laid off 9% of its workforce, or about 350 people, concentrated in the company's sales & marketing organization -- just ahead of the key holiday season. In our view, this alone would create some disruption among accounts. But with Mr. Bain's departure, we believe that advertisers and agencies might be further concerned about the stability of senior management at Twitter. In addition, we believe that this could impact morale of Twitter employees since Mr. Bain was an early and well-liked executive within the organization".
Shares of Twitter, Inc. closed at $19.13 yesterday.
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