Twitter (TWTR) Costolo Resignation Not a Surprise, Sterne Agee CRT Says
Sterne Agee CRT analyst Arvind Bhatia reiterated a Neutral rating on Twitter, Inc. (NYSE: TWTR) following CEO Dick Costolo's resignation, which he said will not come as a surprise to investors.
Bhatia commented, "Costolo has been under enormous pressure for some time since results, particularly user growth and user engagement, haven’t met expectations. Though the company reaffirmed 2Q financial guidance, on the key question of user growth in 2Q, management continued to be ambiguous. We expect user growth to remain weak in the near term and think addressing this issue will be job #1 for the company’s future CEO. Reiterating Neutral."
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Shares of Twitter, Inc. closed at $35.84 yesterday.