- Wells Fargo analyst Brian Fitzgerald lowered the firm's price target on Twitter Inc (NYSE:TWTR) to $42 from $70 and reiterated an Equal Weight rating on the shares.
- The price target implies an upside of 13.57%.
- The analyst notes that Twitter reported roughly in-line Q4 results.
- Related Content: See Why Twitter Stock Shines; Key Takeaways From Q4 Results
- However, Twitter's usage underperformed Street expectations, and guidance was mixed-adjusting for the sale/deprecation of the MoPub businesses. Management's revenue outlook bracketed Street consensus, though Op Income guide came in well below pre-print consensus.
- Management remains committed to 2023 targets for revenue of $7.5 billion-plus and mDAU of 315 million-plus in Q4 2023-which Fitzgerald views as possible but ambitious, particularly on usage, as 315 million mDAU would require a significant acceleration to 12 million average quarterly net add pace versus 5 million over the past six quarters.
- Price Action: TWTR shares traded lower by 0.57% at $36.77 in the premarket on the last check Tuesday.
Get all your news in one place.
100’s of premium titles.
One app.
Start reading
One app.
Get all your news in one place.
100’s of premium titles. One news app.
Here's Why Wells Fargo Slashed Twitter's Price Target By 40%
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member?
Sign in here
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Our Picks