Twitter stock gains after Bernstein ends bearish call [MarketWatch]
Twitter, Inc. (TWTR)
Last twitter, inc. earnings: 4/30 07:00 am
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Source: MarketWatch
Shares of Twitter Inc. are up about 3% in premarket trading Wednesday after Bernstein analyst Mark Shmulik upgraded the stock to market perform from underperform. While he said that the company's "two primary revenue streams are product launches and high-profile events," both of which are on pause due to the COVID-19 outbreak, he's warming to the stock a bit more due to a clamoring for information during the pandemic as well as a cheaper valuation as the shares have recently underperformed. They're down 23% over the past month as the S&P 500 has lost 11%. Twitter "sits at the fulcrum of news and conversation during this unprecedented global event," Shmulik wrote, and the sorts of marquee events that drive revenue "are just postponed, not lost." He also points to "signs of life" for the company's mobile-app promotion, or MAP product, which had been a source of concern in recent earnings reports. Shmulik upped his price target to $29 from $27 in his Wednesday note to clients.
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