TWTR - Analyst Upgrades Twitter Stock Price Target
Rosenblatt Securities reaffirmed its Neutral rating on Twitter stock ( NYSE:TWTR ) on Wednesday, lifting its price objective from $37.00 to $54.20.
Elon Musk’s takeover bid of $54.20 per share prompted the business to boost its price objective.
Why Is This Twitter Analyst Raising His Price Target?
Twitter Inc stock ( NYSE:TWTR ) is up more than 18% from its Monday opening price on news that Elon Musk, CEO of Tesla, intends to continue with his purchase of the social networking site at the initial buyout price of $54.20 per share, or $44 billion.
What Happened:
Rosenblatt anticipated Peiter Zatko’s concerns would be troublesome for Twitter and offer Musk the power to negotiate a significant price drop to the transaction price with its earlier $37 price objective. Rosenblatt anticipated Musk’s bot allegations, which serve as the foundation of Musk’s argument, would be mostly baseless.
“In actuality,” Rosenblatt said, “this did not occur, illustrating the strength of Twitter’s seller-friendly arrangement.”
Rosenblatt Securities maintained its Neutral rating on Twitter stock ( NYSE:TWTR ) on Wednesday. The price objective was also lifted from $37 to $54.20 to match Musk’s acquisition price.
“We raise our Twitter stock price target to $54.20 to reflect what seems to be a done transaction,” Rosenblatt Securities analysts stated in a note to investors.
What’s Next:
There will be pressure to cut costs s...
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