New Telegraph

Twitter hits highest since 2014

Twitter Inc. shares climbed to a multiyear high on Wednesday, extending a recent advance after JPMorgan upgraded the social-media company to an overweight rating, citing a more bullish view toward online advertising in 2021. According to Bloomberg, the firm also raised its price target to a Street-high view of $65 from $52.

While growth should re-accelerate across the digital ad industry next year, Twitter “will show the biggest rebound given its sharper pandemic-driven ad decline,” analyst Doug Anmuth wrote.

It should also benefit from “revenue prioritization throughout the company, early benefits from re-built ad tech,” and increases in both advertiser count and ad load. Shares gained as much as 6 per cent, with the stock on track for a fifth straight positive session and at its highest since October 2014. The stock has soared more than 40 per cent off a low hit in early November, in the aftermath of the company’s third-quarter results.

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