Twitter Stock Rises Amid Possible C-Suite Shakeup

Evercore ISI was quick to upgrade the equity this morning

Deputy Editor
Mar 2, 2020 at 10:15 AM
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Shares of social media giant Twitter Inc (NYSE:TWTR) are up 7.23% this morning, last seen trading at $33.20 amid reports that CEO Jack Dorsey may be replaced in the near future. Specifically, Paul Singer, founder of Elliot Management and billionaire investor, is pushing for the CEO’s removal in part because Dorsey’s attention is currently split between running both Square (SQ) and Twitter.

After a historically catastrophic week for the market amid the growing coronavirus outbreak, traders are still unsure. Heading into today, 17 sport a "hold," two a "strong sell," and five a "strong buy" rating on the equity. Earlier this morning, however, Evercore ISI upgraded to "in-line" from "outperform," and hiked its price target to $33 from $29. 

TWTR is less than a month off its best single-session gain since October 2017, and now sports a 14% year-to-date lead. Twitter has alternated between support and resistance from the 30-day moving average over the past year, and after last week’s debacle, the company is looking to reclaim the trendline by day's end.

 

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