Upgrading to Neutral
We are upgrading Twitter to Neutral from Underweight given growing evidence that advertisers are steadily re-embracing the platform, which should in turn enable greater investment in innovation to support and grow the user base. A premium valuation versus peers stops us becoming more constructive at this stage, though a reacceleration in user trends would potentially lead us to revise this view. Our PT goes to $29 based on 15x FY19 adjusted EBITDA.Twitter provides products and services for people, organizations, advertisers, developers and platform and data partners. The company's product, Twitter, is a global platform for public self-expression and conversation in real time. The company's mobile application, Periscope, lets anyone broadcast and watch video live with others. The company's products and services for advertisers include Promoted Products such as Promoted Tweets, Promoted Accounts, and Promoted Trends. The company's products for developers and data partners provide tools and public application programming interfaces to build applications and other products that utilize Twitter data and syndicate and distribute Twitter content across their properties.
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