Twitter, Inc. (TWTR) PT Raised to $60 as Stifel Explains Hold Rating
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Stifel analyst John Egbert raised the price target on Twitter, Inc. (NYSE: TWTR) to $60.00 (from $50.00) after total revenue grew +28% y/y to $1.29B vs. Consensus of $1.19B on the strength of international advertising revenue. Overall advertising revenue grew +31% y/y to $1.15B vs. Consensus of $1.04B while International ad revenue grew +35% y/y to $509mm.
The analyst reiterated the Hold rating, stating "Twitter's revenue and operating income soared to new heights in 4Q:20 as the company harnessed the same holiday advertising tailwinds its digital peers benefited from, while DAUs returned to sequential growth following the digestion of a pandemic-driven surge in usage during 1Q / 2Q. Twitter's ad business execution appears to be improving as revamped revenue product releases seem to be improving its capabilities for certain segments of DR advertisers, and the company's faster pace of investment in 2021 could hasten its product cadence further." "Overall, we are incrementally encouraged by Twitter's progress in 4Q and initial outlook for FY:21, although it's unclear how much of the company's acceleration was driven by steady improvements in execution vs. strengthening industry tailwinds. Further light on Twitter's evolving product roadmap and strategy may be revealed at the company's upcoming analyst day on Thursday, February 25."
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