Twitter (TWTR) rallied more than two percent on the opening today after a surprise upgrade on the stock.
JMP Securities now rates Twitter as a “market outperform” and has a $49 price target on the stock, which closed at $37.10 on Friday.
JMP believes that with its 284 million monthly active users generating more than 500 million tweets each day, Twitter has established itself as the place that users around the world increasingly turn to for real-time news and information on major events.
JMP maintained that while Twitter still has a high barrier to entry, they’re bullish on the platform for a number of factors, including Twitter’s global reach, product enhancements, strong advertiser relationships and growing margins.
It’s rare good news for Twitter, Inc., which is down 33 percent since trading at $55.42 in October.
(Source: The Street.)