Why Twitter (TWTR) Stock Is Skyrocketing Today

NEW YORK (TheStreet) -- Shares of Twitter (TWTR) are skyrocketing 26.2% to $48.70 in pre-market trading today as the social media company reported second quarter earnings that beat analysts' expectations with $312 million in revenue, up 124% from the same quarter last year, and a profit of 2 cents per share.

This morning, the company was upgraded to "buy" from "neutral" at Bank of America/Merrill Lynch (BAC), which raised its price target to $60 from the $40, citing Twitter's positive second quarter earnings and user growth.

TWTR Chart TWTR data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

TheStreet's Ruben Ramirez has details on Twitter's Q2 beat:

WATCH: More tech videos on TheStreet TV | More videos from Ruben Ramirez

If you liked this article you might like

7 Essential Rules for Investing in Tech Stocks

Ryanair Customers Take Their Complaints to Social Media

Puerto Rico Is Completely Without Power Because of Hurricane Maria

Comcast Dodges Big Social, Moves Watchable In-House

Twitter Appoints Former Google CFO to Board of Directors