Twitter Inc. (NYSE: TWTR) stock hit a new 52-week of $48.65 high in the early trading Monday after receiving an upgrade from Deutsche Bank analyst Lloyd Walmsley, who anticipated improving growth for the company in the third and fourth quarter.
Walmsley increased his ratings on the stock from “Hold” to “Buy”, while raising the price target from $36 per share to $56 per share. In a research note written to clients, he stated that he had been unable to upgrade the microblogging site previously considering weak response of its advertising channel, but that has changed.
Twitter stock, up more than 5 percent today, performed quite well over the recent months. TWTR share price has climbed around 73 percent over the last 6 months, and about 50 percent year-to-date. The 52-week range of the stock is $20.00-$48.56, while its total market value stands at approx. $38.31billion.
The San Francisco, California-based social media company recently revealed different measures to limit the spread of misinformation as the United States Presidential elections draw closer. Twitter said it will make it difficult for the tweets to go viral by changing ways of how users retweet.
The latest move is intended to contain the spread of misleading and false content. Previously, users were simply able to retweet by hitting the share button, but now they will be redirected to a screen urging them to write their opinion about the tweet they are sharing. They can still share the tweet even if they do not want to give their opinion about the post. However, the latest change will add an extra step in the sharing process, which Twitter believes will add some extra friction.
The company has already started testing the latest measure by introducing the feature for a limited number of users. TWTR is expected to roll out the feature for all users on October 20. The latest feature will stay active at least till the end of U.S. elections.
Social media companies have come under heavy criticism in the past over spread of misleading information that affected the political process not just in the U.S. but many other countries worldwide.