Twitter, Inc. (TWTR) PT Raised to $58 at Cowen on Advertising Beat and Direct Response Opportunity

Cowen analyst John Blackledge raised the price target on Twitter, Inc. (NYSE: TWTR) to $58.00 (from $48.00) after the company reported a strong 4Q20 advertising beat as ad revenue accelerated and EBITDA beat by 20%+. Management highlighted the release of the new MAP product in 4Q, opening path to ramping Direct Response monetization.

The analyst maintained a Market Perform rating, stating "the company outlined their expected impact from upcoming iOS 14 changes, with advice for advertisers on how to prepare, particularly urging them to update their monetization partner SDKs to versions that support Apple's SKAdNetwork, but with little direct quantification of revenue impact. TWTR mgmt called out direct response advertising was +50% y/y in 4Q20 (vs flat for FY20), which could be a big pivot to the ad biz if TWTR can consistently execute in '21".

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