NEW YORK (TheStreet) -- Twitter
(TWTR) rose Thursday after the social media company announced its acquisition of Namo Media to help strengthen its position in mobile advertising.
Twitter announced the acquisition in a blog post
but did not discloses the financial terms of the deal. "We have been working to bring native ads to mobile app publishers in order to create a more seamless and less intrusive ad experience for users," the post reads.
Namo contributes technology for native advertising, which integrates ads into a website. A native ad could appear like a promoted story on a news site, for example.
Pacific Crest initiated coverage on Twitter with an "outperform" rating and set a $45 price target.
The stock was up 5.47% to $34.70 at 12:29 p.m.
TWTR Price data by YCharts
Check Out Our Best Services for Investors
Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts