The financially-beleaguered social networking site Twitter has just got a much-needed boost from influential analyst Robert Peck, who has upgraded the company’s stock to “buy”.
Peck’s move will doubtless be much appreciated by Twitter, as the SunTrust employee is considered a major analyst on matters related to Twitter. Peck has attached a $38 price target to the stock, apparently driven by his beliefs that Twitter will soon come under new management and release new products, presumably including Project Lightning, which should help to increase the stock’s appeal.
Business Insider reports that, in the company’s management, Peck expects a “triumvirate structure” consisting of Twitter co-founders Jack Dorsey and Evan Williams as CEO and Chairman respectively and popular sales executive Adam Bain as President within the next one or two weeks.
Twitter’s previously volatile financial health appears to have stabilized; on Friday, the company’s shares closed at $26.84, near the IPO price of $26, and this morning saw the stock rise by 2.5% in pre-market trading.
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