NEW YORK (TheStreet) -- Twitter (TWTR - Get Report) rose Tuesday after Wells Fargo upgraded the social media company to "market perform" from "underperform" and maintained its price target range of $36 to $39.
"We believe shares are trading at a more balanced risk/reward ratio at its current valuation," the firm said in a research note. "Though a premium to its peers, we believe our range is supported by Twitter's strong monetization ramp, new product introductions, and broad advertising interest. While we remain concerned about user growth and engagement, we believe street applications have declined substantially following following two quarters of relatively modest user growth."
The stock was up 2.06% to $35.18 at 11:15 a.m.