Citing “growing pains ending” thanks to product catalysts, analysts at KeyBanc Capital Markets have upgraded Twitter TWTR,
to overweight of sector weight and set a price target of $ 65. “We believe execution is improving, and the combination of a cyclical ad recovery and new products creates a potential for revenue that exceeds our sales expectations above consensus in 2021 and 2022,” analysts Justin Patterson and Sergio Sugura said in a note to customers date from Wednesday. They expect sustainable 20% plus annual revenue growth from Twitter’s core business. “In a more optimistic scenario, we think Twitter could hit $ 5.7 billion in revenue by 2022 (about 10% above consensus),” the analysts said. Twitter is expected to release its fourth quarter results after the market closes on February 9. Shares of Twitter closed nearly 3% on Wednesday at $ 48.19 a share.