- UBS's Eric Sheridan throws in the towel on Twitter (NYSE:TWTR), downgrading to Hold from Buy as he cuts his advertising revenue estimates for 2017 and 2018 to reflect lower advertising ARPU paired with muted core MAU growth.
- The new price target of $16 is down from $22, and compares to Friday's close of $17.25.
- The downgrade comes as part of Sheridan's broad summary of the Internet space in which his team's channel checks point to solid demand for digital advertising, eCommerce, and online travel. Alphabet (GOOG, GOOGL) and Facebook (NASDAQ:FB) are his top picks in large-cap growth names.
- TWTR -1.3% premarket to $17.02.
- Source: TheFly