Twitter, Inc. (TWTR) PT Raised to $40 at Mizuho Securities After Strong Channel Checks

Mizuho Securities analyst James Lee raised the price target on Twitter, Inc. (NYSE: TWTR) to $40.00 (from $33.00) after doing a round of checks with ad agencies that highlighted the following key points:

1) DR products are making progress, and the second pilot testing of MAP will be focusing on improving performance. We expect the product to be commercialized in FY21.

2) IDFA concerns appear to be overstated due to limited impact on MAP and the revenue contribution for MoPub appears to be small.

3) We expect subscription services will focus on power users and enterprise accounts that enable premium features for content creation.

The analyst maintained a Neutral rating, stating "Raise our FY22 EBITDA by 11% to $1.9bn due to a stronger outlook from DR and subscriptions. Remain at Neutral while raising our PT from $33 to $40, reflecting 15x FY22 EBITDA".

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