Twitter, Inc. (TWTR) PT Raised to $46 at Jefferies; Remains a 'Show Me Story'

Jefferies analyst Brent Thill raised the price target on Twitter, Inc. (NYSE: TWTR) to $46.00 (from $39.00) while maintaining a Hold rating, saying the stock remains a 'show me story'. The firm also raised estimates.

The analyst commented, "With TWTR stock up 43% YTD and approaching all-time highs, the company will need to show evidence that it can better monetize its users. TWTR has made a lot of improvements over the last year including 7 consecutive quarters of user growth acceleration and a recently completed ad server rebuild. However, TWTR's weakness in direct response advertising has led to a significant revenue shortfall vs. peers (i.e., TWTR rev declined -19% y/y in Q2vs. SNAP +17% and FB +11%). While we are raising our Q3 rev est. by 2% to account for some improvement in brand ad spend, to get more positive we still need to see evidence that new DR products like MAP 2.0 can drive ad rev in FY21."

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