Twitter, Inc. (TWTR) PT Raised to $48 at Mizuho Securities

Mizuho Securities analyst James Lee raised the price target on Twitter, Inc. (NYSE: TWTR) to $48.00 (from $45.00) while maintaining a Neutral rating.

The analyst commented, "Although results were well ahead of consensus, investors are concerned about two issues: (1) mDAU growth came in 5.5 points below consensus at 29% after beating consensus consistently over the past few quarters; and (2) MAP’s commercial launch is pushed into FY21 to accommodate IDFA and additional tests to reduce the conversion window. We believe these concerns appear overstated as the pull-forward effect having temporarily stalled user growth, and the delayed MAP launch into next year, are not structural issues. Given the outperformance in the quarter, we raise our FY22 EBITDA by 7% to $2bn and our PT from $45 to $48, based on 16x EV/EBITDA. Our rating remains Neutral on valuation."

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