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Twitter Jumps on Analyst Love

NEW YORK (TheStreet) -- Twitter (TWTR - Get Report) is up another 2% to $56.42, as analysts left and right are praising the company, in light of re-targeted ads.

RBC Capital Markets analyst Mark Mahaney boosted his price target to $60, keeping his "outperform" rating, noting that Twitter's advertising platform is getting better, which should drive advertising revenue for the San Francisco-based social network. "Twitter is perceived to have improved its advertising platform over the last 6 months," Mahaney penned in his note. "Accordingly, advertisers are planning on increasing their Twitter spend over the next year. Twitter compares reasonably well with more-established platforms such as Google (GOOG) and Facebook (FB) in terms of effectiveness, ad spend, and growth."

As such, Mahaney boosted his revenue estimate for this year to $657 million, up from $640 million earlier, and bumped up his 2014 revenue estimate to $1.19 billion.

Topeka Capital Markets analyst Victor Anthony initiated coverage on Twitter with a "buy" rating and a $54 price target, noting Twitter's advertising platform "is in the early innings."

"We see a well-defined ecosystem with strong network effects developing around Twitter Inc that should lead to out-sized shareholder returns for years to come," Anthony wrote in his note.

Earlier this week, Twitter announced the ability to include photos in direct messages. Thursday, Instagram, a division of Facebook (FB) announced a similar product, known as Instagram Direct, allowing users to send pictures to up to 15 friends directly, as opposed to having everyone see the photos.

TWTR Chart
TWTR data by YCharts

--Written by Chris Ciaccia in New York

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