How Will Twitter (TWTR) Stock Be Affected By This Coverage Initiation?

NEW YORK (TheStreet) -- Twitter (TWTR) shares had coverage initiated with a "buy" rating and $62 price target by analysts at Canaccord Genuity (CCORF) on Thursday.

Analysts at the firm believe that the social media company's "real-time interest sharing platform" is the wave of the future, though they admit that the road to monetization of that platform will be bumpy.

"Our positive stance is based largely on the engagement and monetization momentum we expect over the next few quarters. We believe this should lead to upward estimate revisions as Twitter benefits from engagement and monetization groundwork that has been laid over the past year," said the firm.

Twitter shares are down 1.4% to $52.17 in pre-market trading today.

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