A good bit of Twitter news has TWTR stock popping on Thursday.
The good news for Twitter (NYSE:TWTR) stock comes in the form of an upgrade from Bank of America Merrill Lynch. Analyst Justin Post hit the stock with what is called a double upgrade. This saw the analyst increasing the rating for TWTR stock from “Underperform” straight to a “Buy” rating.
This Twitter news doesn’t stop at a rating upgrade. Bank of America Merrill Lynch also has a new price target for the stock. Post’s increased his price target for TWTR stock from $31 to a new price target of $39, reports Schaeffers Research.
That $39 price target is a bullish stance to take on Twitter stock. Wall Street’s current consensus price target for the stock is sitting at $33.11. This new price target also represents a 20% premium over TWTR stock’s closing price on Wednesday.
Not all of the Twitter news that came out today was good for the stock. There were also a couple of price target reductions announced today. This includes price target cuts from Cowen & Co. and JPMorgan.
The price target drop from Cowen & Co. drops the stock from $27 per share to $25 per share. JPMorgan’s price target cut drops it from $46 per share to a new price target of $45 per share. Neither of these price target drops were enough to keep TWTR stock from raising on Thursday, TheStreet.com notes.
TWTR stock was up 2% as of Thursday afternoon.
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As of this writing, William White did not hold a position in any of the aforementioned securities.