- Today the stock price of Twitter Inc (NYSE: TWTR) opened up more than 3% as it received a price target increase from Deutsche Bank
Today the stock price of Twitter Inc (NYSE: TWTR) opened up more than 3% as part of a broader market upswing and a price target increase from Deutsche Bank. At more than $48 per share, the last time that Twitter was trading at this level was in 2015.
Deutsche Bank analyst Lloyd Walmsley said that he is expecting Twitter’s growth to improve in the second half of the year. And he noted a “compelling bull case” for 2021. Walmsley also increased his rating for the Twitter stock to “Buy” from “Hold.” And Walmsley also increased his price target increase from $36 to $56.
“In our view, Twitter is well-positioned to benefit from a big event landscape in 2021, expansion into more performance advertising on the back of its ad server rebuild and new mobile app promotion product, and an eventual high-margin subscription product,” wrote Walmsley in a note to clients via MarketWatch.
Walmsley acknowledged earlier that he was not bullish on Twitter’s stock due to weaker advertising channel feedback. However, this viewpoint has been changed now.
“We are now starting to hear more positive feedback in the ad channel and would take advantage of the opportunity to build a position now before a stronger ad recovery takes hold and we get into the period of 2021 excitement,” added Walmsley.
Disclosure: I have a small position of Twitter stock in my portfolio