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Shares of Twitter were up 6 percent to $52.20 on
Tuesday afternoon after a frenzied trading session on Monday,
when Twitter closed up nearly 10 percent, its biggest gain ever. Since the loss-making San Francisco-based firm held its closely
watched initial public offering last month, its fans on Wall
Street have strained to reinforce the bull case for a stock
priced at increasingly inflated multiples compared to social
media peers like Facebook Inc and LinkedIn Corp. Twitter has released a spate of management news and product
updates since its IPO, but some announcements, such as the
official roll-out of a lucrative, cookie-based ad targeting
technology called "targeted audiences," have been preceded for
months by prior announcements. In a research note on Friday, Evercore analyst Ken Sena said
"targeted audiences" has been publicly in the works but raised
his price target anyway from $43 to $52 because the deployment
of the technology "might not be as costly as we originally
modeled." Twitter which went public on the New York Stock Exchange on
November 7, is now trading at roughly double its IPO price of
$26 a share with an implied valuation of more than $26 billion
on just $168.6 million in revenue in the third quarter. The San Francisco-based firm touched its previous intraday high
of $50.09 on the day of its IPO. (Reporting by Gerry Shih; editing by Tim Dobbyn) [© 2013 Thomson Reuters. All rights reserved.] Copyright 2013 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
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