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17.01.2020 13:16:59

Twitter's stock falls after UBS cuts rating, price target

Shares of Twitter Inc. fell 1.4% in premarket trading Friday, after UBS analyst Eric Sheridan downgraded the social media company, saying continued investments into safety and security and ad technology are likely to cap valuation. Sheridan cut his rating to neutral, after being at buy since April 2018, and trimmed his price target to $35 from $37. "As we enter 2020, we see [Twitter] at a bit of a crossroads--we...hear from ad industry contacts that 2020 should be a year where [Twitter's] platform is set to capitalize on large scale events (Olympics, European football championship & US election) but exiting from its 'buggy' summer we think [Twitter] management also is likely to persist with investments around safety/security and ad tech stack (both of which are needed against long-term management goals)," Sheridan wrote in a note to clients. The stock has tumbled 13.7% over the past three months through Thursday, while the S&P 500 has gained 10.6%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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