Twitter Price Target Lowered at BofA — ARK Investment Buys More Shares

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Twitter Price Target Lowered at BofA — ARK Investment Buys More Shares
Credit: © Reuters.

By Sam Boughedda

Investing.com — Twitter Inc (NYSE: TWTR ) shares have fallen Monday after  Bank of America (NYSE: BAC ) {0|BAC}} analyst Justin Post cut his price target on Friday.

The analyst lowered the price target on Twitter shares to $82 from $90, keeping a Buy rating. Post said in a research note that he sees the potential for Twitter to be relatively stronger than its peers from exposure to brand ad spending. That is despite Snap (NYSE: SNAP ) shares plunging around 26% after it reported a revenue miss in its Q3 earnings.

Post believes Twitter's revenue will grow by 23% year-over-year in Q4 to $1.59 billion, while he thinks guidance for the quarter will be between $1.5 billion and $1.58 billion.

Separately, Cathie Wood's ARK Investment bought 449,000 shares of Twitter on Friday.

Twitter shares are down around 0.6% so far on Monday. It is set to report its earnings after the close on Tuesday.

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