NEW YORK (TheStreet) --Shares of Twitter Inc. (TWTR - Get Report) are higher by 0.88% to $32.24 in pre-market trading on Friday following a ratings upgrade to "neutral" from "under perform" at Bank of America (BAC - Get Report) Merrill Lynch.
The firm upgraded the social media website's rating based on a valuation call saying, "We are now more comfortable with risk/reward given the P/S multiple has come in from a peak of 25x to the current 11x."
Factors such as improving quarter over quarter user growth, strong monetization, the launch of new app install adds that could help boost revenue, site changes that are more engaging to users and recent new product designs and features all went into the firms decision to upgrade Twitter's rating, Bank of America Merrill Lynch said.
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