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Twitter (TWTR) climbs 3% on J.P. Morgan’s 2021 top stock tip
J.P. Morgan set a new Wall Street high price target for Twitter (TWTR) on Wednesday after talking up the social media site’s digital ad growth potential for 2021.
Twitter (TWTR) shares were rising on Wednesday after J.P. Morgan said that the social media site was one of its top stock picks for 2021 due to its strong position in the digital ad market.
In a bullish note, analyst Doug Anmuth said that Twitter’s digital ad growth will accelerate next year as he lifted his rating for the company to overweight and added $13 to a new $65 price target.
Anmuth believes that Twitter’s stock, which suffered in the wake of the pandemic due to a drop-off in ad spend, should “show the biggest rebound” in the new year.
He also sees “revenue prioritization” and the knock-on effects of rebuilt ad tech driving more gains for Twitter.
The Jack Dorsey-helmed site was not the only company to get a positive appraisal by J.P. Morgan on Wednesday.
The firm also selected Alphabet (GOOGL) and Facebook (FB) as two of its top three stock picks for the next 12 months.
There were also price target upgrades, with Alphabet going from $1,870 to $2,050 and Snap (SNAP), Pinterest (PINS) and Spotify (SPOT) hiked to $60, $82 and $350, respectively.
While the new Wall Street high price target for Twitter pushed shares higher, GOOGL was relatively flat (-0.15%), while Spotify slumped 3%.
The biggest news in midweek was a $4bn merger involving Aphria (APHA) and Tilray (TLRY) – the firms will now team up to create the biggest marijuana production and distribution company in the world.
Both of the companies made gains in trading as Tilray soared 22.74% and Aphria eased 2.75% higher.
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