A Twitter Inc TWTR analyst said Thursday their skepticism of the company has “flipped” after a review of its lawsuit against Elon Musk.
The Twitter Analyst: Barton Crockett upgraded Twitter from Neutral to Buy and raised the price target from $33 to $52.
Related Link: 4 Reasons Why This Analyst Says Twitter Has A Legal Edge Over Elon Musk
The Twitter Takeaways: It previously seemed like the company was being evasive in disclosing its spam bot calculations, Crockett said in the upgrade note.
Twitter's very detailed disclosure of spam bot calculations and Musk being reluctant to engage “largely ends our skepticism about Twitter, and instead makes us skeptical about Musk,” the analyst said.
“As a result, we now see leverage on Twitter's side in this fight, upgrade the stock to BUY, and move to a $52 price target, assuming settlement within 3% of Musk's contractually obligated acquisition price, and up over 40% from recent levels,” he added.
“Twitter now looks like an unusually appealing near-term opportunity, in a market otherwise hammered by macro concerns,” Crockett further mentioned.
TWTR Price Action: Shares of Twitter were down 1% at $36.38 late Thursday morning.
Related Link: BREAKING: Twitter Crashes Thursday Morning
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