UPDATE: Argus Downgrades Twitter, Inc. (TWTR) to Hold

Argus analyst Jim Kelleher downgraded Twitter, Inc. (NYSE: TWTR) from Buy to Hold.

The analyst comments "We are lowering our rating on Twitter Inc. (NGS: TWTR) to HOLD from BUY now that the Twitter board has approved the company being taken private by Elon Musk. The board accepted Musk's first and final offer of $54.20 per share, and Musk has lined up financing needed to complete the deal - including a significant slug of his own money. The board expects the deal to close sometime in 2022. Although the shares at around $50 have not reached the buyout price of $54.20 per share, the stock could tumble if the deal does not go forward for any reason. The deal could fail to win approval from U.S. regulatory authorities, given that Twitter may be viewed as a source of public discourse that should not be controlled by any one individual; or the mercurial Musk could decide to withdraw his bid. We currently see more downside risk than upside potential in the stock, given these real possibilities."

For an analyst ratings summary and ratings history on Twitter, Inc. click here. For more ratings news on Twitter, Inc. click here.

Shares of Twitter, Inc. closed at $49.06 yesterday.

You May Also Be Interested In

• 'Too Much of a 'Show-me Story': FedEx Shares Fall After Berenberg Cut to Hold
• Nomura Downgrades EV Maker XPeng to Neutral, Prefers BYD and Li Auto Over Nio
• UPDATE: Citi Starts Symbotic Inc. (SYM) at Buy