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NEW YORK (TheStreet) -- Twitter (TWTR) - Get Twitter, Inc. Report fell 4.5% to $70.00 in pre-market trading on Friday following a downgrade to "underperform" from "neutral" by Macquarie Capital.

In a note to investors Macquarie analyst Ben Schachter said "we believe nothing has changed in the fundamentals to justify the sharp rise in shares over the past few weeks." Shares of Twitter gained 76% in the month of December, and 22% in the past week alone.

Schachter maintains his 12-month price target of $6 per share for Twitter. Despite the downgrade to underperform the analyst wrote "we continue to believe that Twitter as a company has a bright future and many opportunities ahead."

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