Citi Comments on Twitter, Inc. (TWTR) Q2 2022 Results
Citi analyst Ronald Josey reiterated a Neutral rating and $36.00 price target on Twitter, Inc. (NYSE: TWTR).
The analyst comments "Not surprisingly, Twitter’s 2Q22 results were impacted by advertising headwinds associated with a weakening macro-economic environment as well as uncertainty associated with its pending acquisition by affiliates of Mr. Musk. Revenue and EBITDA (adjusted for 1x acquisition and severance charges) came in 11% and 43% below our projections as a result. Following Snap’s 2Q results last night that highlighted challenges within its DR business and Twitter’s outsized exposure to brand advertising likely impacting its results, the broader advertising environment appears to be increasingly challenged, though we continue to favor larger platforms like Meta and Google given their size and scale across both advertisers and users. As it relates to Twitter’s pending acquisition that Mr. Musk terminated on July 8th that Twitter subsequently sued to progress, we note the case is scheduled for trial in October."
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Shares of Twitter, Inc. closed at $39.52 yesterday.