Twitter (TWTR) - Get Twitter, Inc. Report shares rose Friday, after Goldman Sachs analyst Heath Terry lifted his share-price target for the social media platform to $112 from $78, continuing his buy rating.
Terry acted off of Twitter’s bullish investor day presentation on Thursday. The company predicted it would double its annual revenue by the end of 2023 and grow its user base to 315 million daily active users.
The presentation indicates Twitter is accelerating its product innovation and ad technology development, Terry wrote in a commentary cited by The Fly.
Users and advertisers will continue to find Twitter useful, as new features and services are introduced and live events return, he said.
The stock recently traded at $76.69, up 2.8%. It has soared 56% in just the past month amid investor optimism akin to Terry’s.
But some traders think the rally has gone too far. “The problem is, on a technical basis, it’s also getting incredibly overbought,” Matt Maley, chief market strategist at Miller Tabak, told CNBC on Thursday.
He noted that the last time the stock’s relative strength index moved this high, in mid-2018, Twitter plummeted about 40% in less than six months.
Meanwhile, Twitter CFO Ned Segal outlined Twitter's plans to boost its development to ship new products and features faster in a conversation with TheStreet.com founder Jim Cramer on CNBC Thursday.
Segal said that if you're a company launching a new product or service, you have to be on Twitter.
The service is continually getting better at matching users with the topics they are interested in and matching advertisers with users that are ready to buy, he said.