最新版16位分析师
Jefferies: BULLISH
Rating: Buy
Price Target: $56 (revised down from $60)
Comment: "We remain bullish on the prospects of LT user and engagement improvement as TWTR has, and will continue to, iterate the product. Improved curation, coming in the form of Project Lightning in fall (see pg 2) and shifts away from the reverse chronological timeline are the next steps in attempting to execute on Dorsey's plan. Additionally, TWTR will be ramping unified mktg efforts to help close the gap between its 95% aided global awareness and 30% penetration in top markets."
Pacific Crest: BULLISH
Rating: Overweight
Price Target: $52
Comment: "Per usual, Twitter beat Q2 estimates but missed user targets. Monetization bulls and user bears have another reason to stay entrenched in this battleground stock. Results were close enough to normal that the announcement of the new CEO, which we expect in Q4, should be the next catalyst for long-term sentiment; we remain positive on TWTR in front of a new direction."
Deutsche Bank: BUY
Rating: Buy
Price Target: $50
Comment: "Our positive stance on TWTR is unchanged following 2Q results — the company is iterating on product in hopes of increasing the user base but not yet showing traction, and items in management's control like ad revenue are exceeding expectations. The 40%+ correction over the past quarter factors in management's muted tone toward growing MAUs, from here at 6.5x revenue we view the risk/reward as favorable. User growth will cause shares to re-rate higher as has been the case historically, but timing is unclear based on the updated 2Q commentary, and we are waiting patiently."
Cantor: BULLISH
Rating: Buy
Price Target: $50 (revised down from $60)
Comment: "While uncertainty around user growth in 2H, an integrated marketing campaign this fall and new product launches/enhancements could keep the stock range-bound near-term, we believe that the long-term thesis around Twitter remains intact, given 1) its differentiated offering as the largest real-time broadcasting platform with over 300M MAUs, 2) growing level of monetization, and 3) material financial leverage over time."
UBS: BULLISH
Rating: Buy
Price Target: $50
Comment: "Our PT is based on our blended valuation approach (EV/Sales, EV/EBITDA, EV/FCF)."
Goldman Sachs: BULLISH
Rating: Buy
Price Target: $49 (revised down from $56)
Comment: "Management expects similar growth in MAUs until Twitter can reach the mass market, something contingent on improving the user experience and marketing the value proposition of being an engaged Twitter user. While this carries a high degree of difficulty we do believe the company can accomplish those goals and with TWTR trading at a 1.5X the median sector multiple despite more than 2X sector EBITDA growth, we see the risk/reward as favorable."
Brean: BULLISH
Rating: Buy
Price Target: $47
Comment: "We were expecting muted commentary ahead of an official CEO and were pleased that the company was able to beat numbers and largely increase guidance. We continue to expect Project Lightning (live-curated events) when it is launched in the fall (ahead of our prior expectations of end of Q4'15) to reinvigorate the user base and aid in MAU growth recovery."
JMP: BULLISH
Rating: Market Outperform
Price Target: $43 (revised down from $48)
Comment: "We note several potential catalysts in 2H15 around the launch of new products (namely project Lightening), an integrated marketing campaign to attract users, and the continued roll-out of the Google (GOOG, MO, $720 PT) search partnership."
RBC: NEUTRAL
Rating: Sector Perform
Price Target: $41 (revised down from $47)
Comment: "Our broad concerns remain two-fold: 1) It's not clear when/if product/UI changes can stabilize or reaccelerate User & Usage metrics. And mgmt's cautious commentary re: Q3 MAU growth compounds doubts about the user value proposition. 2) Channel checks and our survey work don't provide convincing evidence that a substantial number of advertisers will commit meaningful $s to TWTR. Our concern for some time has been that Twitter's lack of real-time commercial intent (a la Google) or detailed, authenticated profiles (a la FB) will eventually limit TWTR's growth potential. By themselves, monetization improvements (including rising ad loads) can't sustain premium growth rates. That why MAU growth matters. That's why User and Usage metrics matter. And that's why hitting Metrics Growth Walls REALLY MATTERS .
Macquarie: NEUTRAL
Rating: Neutral
Price Target: $34 (revised down from $40)
Comment: "The bottom line for TWTR is that after nine years of its existence, my mother still doesn't understand what it means to 'hashtag' something, but she does understand what it means to 'like' something. That is to say that Twitter is still too difficult to use and inaccessible to too many. It still isn't a mass-market product and it is unclear if it ever will be. User growth is the key issue. Monetization isn't the problem. The road map for monetization has already been shown by Facebook; TWTR can just follow it (and, in fact, is). However, if it can't improve the product and make it more interesting and accessible to more users, the stock simply will not work."
SunTrust: NEUTRAL
Rating: Neutral
Price Target: $38 (revised down from $40)
Comment: "We remain cautiously optimistic on TWTR in the long term due to: logged out user opportunity, new products, Google (GOOGL, $659.66, Buy) partnership, better targeting, and the potential to improve mass-market penetration. However, in the short term given recent challenges, we think investors have labeled Twitter a 'prove it' story. Execution on product rollouts and their ultimate effectiveness in growing MAUs/engagement will remain paramount."
Raymond James: NEUTRAL
Rating: Market Perform
Price Target: N/A
Comment: "Recent efforts to improve Twitter's usability have yet to drive improved user growth, and we believe this remains a key inhibitor of outsized revenue growth. Solving the usability issue will likely take several quarters, and thus we expect quarterly results to remain volatile near term."
Jefferies: BULLISH
Rating: Buy
Price Target: $56 (revised down from $60)
Comment: "We remain bullish on the prospects of LT user and engagement improvement as TWTR has, and will continue to, iterate the product. Improved curation, coming in the form of Project Lightning in fall (see pg 2) and shifts away from the reverse chronological timeline are the next steps in attempting to execute on Dorsey's plan. Additionally, TWTR will be ramping unified mktg efforts to help close the gap between its 95% aided global awareness and 30% penetration in top markets."
Pacific Crest: BULLISH
Rating: Overweight
Price Target: $52
Comment: "Per usual, Twitter beat Q2 estimates but missed user targets. Monetization bulls and user bears have another reason to stay entrenched in this battleground stock. Results were close enough to normal that the announcement of the new CEO, which we expect in Q4, should be the next catalyst for long-term sentiment; we remain positive on TWTR in front of a new direction."
Deutsche Bank: BUY
Rating: Buy
Price Target: $50
Comment: "Our positive stance on TWTR is unchanged following 2Q results — the company is iterating on product in hopes of increasing the user base but not yet showing traction, and items in management's control like ad revenue are exceeding expectations. The 40%+ correction over the past quarter factors in management's muted tone toward growing MAUs, from here at 6.5x revenue we view the risk/reward as favorable. User growth will cause shares to re-rate higher as has been the case historically, but timing is unclear based on the updated 2Q commentary, and we are waiting patiently."
Cantor: BULLISH
Rating: Buy
Price Target: $50 (revised down from $60)
Comment: "While uncertainty around user growth in 2H, an integrated marketing campaign this fall and new product launches/enhancements could keep the stock range-bound near-term, we believe that the long-term thesis around Twitter remains intact, given 1) its differentiated offering as the largest real-time broadcasting platform with over 300M MAUs, 2) growing level of monetization, and 3) material financial leverage over time."
UBS: BULLISH
Rating: Buy
Price Target: $50
Comment: "Our PT is based on our blended valuation approach (EV/Sales, EV/EBITDA, EV/FCF)."
Goldman Sachs: BULLISH
Rating: Buy
Price Target: $49 (revised down from $56)
Comment: "Management expects similar growth in MAUs until Twitter can reach the mass market, something contingent on improving the user experience and marketing the value proposition of being an engaged Twitter user. While this carries a high degree of difficulty we do believe the company can accomplish those goals and with TWTR trading at a 1.5X the median sector multiple despite more than 2X sector EBITDA growth, we see the risk/reward as favorable."
Brean: BULLISH
Rating: Buy
Price Target: $47
Comment: "We were expecting muted commentary ahead of an official CEO and were pleased that the company was able to beat numbers and largely increase guidance. We continue to expect Project Lightning (live-curated events) when it is launched in the fall (ahead of our prior expectations of end of Q4'15) to reinvigorate the user base and aid in MAU growth recovery."
JMP: BULLISH
Rating: Market Outperform
Price Target: $43 (revised down from $48)
Comment: "We note several potential catalysts in 2H15 around the launch of new products (namely project Lightening), an integrated marketing campaign to attract users, and the continued roll-out of the Google (GOOG, MO, $720 PT) search partnership."
RBC: NEUTRAL
Rating: Sector Perform
Price Target: $41 (revised down from $47)
Comment: "Our broad concerns remain two-fold: 1) It's not clear when/if product/UI changes can stabilize or reaccelerate User & Usage metrics. And mgmt's cautious commentary re: Q3 MAU growth compounds doubts about the user value proposition. 2) Channel checks and our survey work don't provide convincing evidence that a substantial number of advertisers will commit meaningful $s to TWTR. Our concern for some time has been that Twitter's lack of real-time commercial intent (a la Google) or detailed, authenticated profiles (a la FB) will eventually limit TWTR's growth potential. By themselves, monetization improvements (including rising ad loads) can't sustain premium growth rates. That why MAU growth matters. That's why User and Usage metrics matter. And that's why hitting Metrics Growth Walls REALLY MATTERS .
Macquarie: NEUTRAL
Rating: Neutral
Price Target: $34 (revised down from $40)
Comment: "The bottom line for TWTR is that after nine years of its existence, my mother still doesn't understand what it means to 'hashtag' something, but she does understand what it means to 'like' something. That is to say that Twitter is still too difficult to use and inaccessible to too many. It still isn't a mass-market product and it is unclear if it ever will be. User growth is the key issue. Monetization isn't the problem. The road map for monetization has already been shown by Facebook; TWTR can just follow it (and, in fact, is). However, if it can't improve the product and make it more interesting and accessible to more users, the stock simply will not work."
SunTrust: NEUTRAL
Rating: Neutral
Price Target: $38 (revised down from $40)
Comment: "We remain cautiously optimistic on TWTR in the long term due to: logged out user opportunity, new products, Google (GOOGL, $659.66, Buy) partnership, better targeting, and the potential to improve mass-market penetration. However, in the short term given recent challenges, we think investors have labeled Twitter a 'prove it' story. Execution on product rollouts and their ultimate effectiveness in growing MAUs/engagement will remain paramount."
Raymond James: NEUTRAL
Rating: Market Perform
Price Target: N/A
Comment: "Recent efforts to improve Twitter's usability have yet to drive improved user growth, and we believe this remains a key inhibitor of outsized revenue growth. Solving the usability issue will likely take several quarters, and thus we expect quarterly results to remain volatile near term."
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