Piper Sandler analyst Thomas Champion lowered the firm’s price target on Twitter to $54 from $70 and reiterates a Neutral rating on the shares after conducting a survey of 1,500 people in the United States to better understand the company’s usage. Overall, user growth in the U.S. may be hampered by churn while advertising relevancy turned out better than expected and subscriptions “look appealing to a narrow audience,” Champion tells investors in a research note. The survey suggests Twitter’s user growth opportunity in the U.S. remains as 60% of respondents have not used the platform, says the analyst. However, he believes that with gross adds and churn evenly matched in the most recent period, the setup for Twitter’s growth looks challenging.
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