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Twitter (TWTR) could follow Snap (SNAP) with Q3 beats as shares rise 4%
Twitter (TWTR) stock was up 4% during early trading on Tuesday after J.P. Morgan added $13 to a new $52 price target for the social media company ahead of this week’s Q3 report.
Analyst Doug Anmuth said that he was expecting good things from Twitter based on its conversations with clients, and that positive revenue growth is in the offing for the latest three-month period.
Anmuth, who reiterated a neutral rating for TWTR, also forecast a marked improvement in ad revenue.
He noted: “While [Twitter] likely still lags peers during the ad market recovery, we are confident that brand marketers have resumed spending, specifically as sports have returned & the economy has re-opened.”
Similar sentiments were offered by CNBC’s Jim Cramer, who advised investors that there “might be an opportunity” to buy into Twitter before the report, which is expected on Friday (30th October).
Cramer pointed to Snap’s (SNAP) recent earnings and revenue beats as a potentially positive sign for Twitter and other social media companies.
Last week, Snap said that revenue had soared by 52% to $679m in Q3.
Its earnings also came in 6 cents ahead of Wall Street expectations.
The FactSet consensus of $775m revenue for Twitter is more conservative as this would represent a 5.9% drop-off year over year.
Twitter stock has thrived this year though, despite a challenging economic environment.
TWTR had made gains of 33% for 2020 at Monday’s close, and it climbed another 3.96% after Tuesday’s open on the New York Stock Exchange.
Twitter stock is now valued at around $51, which is $10 higher than the average stock price target.
The consensus for Twitter is currently at hold with 26 hold, 10 buy and four sell ratings from analysts.
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