Twitter (TWTR) Made 'Right Move', SunTrust's Peck Says

SunTrust Robinson Humphrey analyst Robert Peck weighed in on Twitter, Inc. (NYSE: TWTR) following news Jack Dorsey was made permanent CEO.

Peck commented, "Today, Jack Dorsey was named permanent CEO of Twitter (maintaining the CEO role at Square as well). Most investors have expected this for quite some time (please see our note from August). Critically, Adam Bain was promoted too, being named the COO (also widely anticipated). The other part of our Triumvirate leadership is Evan Williams, which we did not hear anything about today. We had anticipated him to be named Chairman of the board, or at least take a more active role in product development as well. Lastly, Anthony Noto remains the CFO. We think the announcements today were the right move by the board and look for the stabilizing of management to be the basis of tangible positive change for the company going forward."

The analyst added that while they are pleased with today’s announcements, we think that ultimately the company and Mr. Dorsey will be judged on their execution.

The firm maintained a Buy rating and price target of $38 on TWTR.

For an analyst ratings summary and ratings history on Twitter, Inc. click here. For more ratings news on Twitter, Inc. click here.

Shares of Twitter, Inc. closed at $26.31 yesterday.

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