Suspecting that the “ship is moving in the right direction,” Pivotal Research upgrades Twitter (NYSE:TWTR) from Hold to Buy.
Analyst Michael Levine notes that user growth has “been strong during the pandemic and the current news cycle,” and the rate of MAUs converting to monetizable DAUs has increased, which are ongoing tailwinds.
Levine expects next month’s Q3 report to serve as a positive catalyst due to the Street’s mostly negative sentiment, which sets the stage for outperformance.
Pivotal raises Twitter’s price target from $35 to $59.75.
The company has a Neutral average Wall Street analysts rating with a $37.98 price target.