Keep those tweets coming.
Social media platform Twitter Inc. (TWTR) - Get Report opened Tuesday, June 12, at a three-year high after analysts at JPMorgan raised the company's price target to $50 a share from $39 while maintaining an "overweight" rating.
Twitter was up 6.5% to $44.11 Tuesday.
The price target represents a 21% upside from the company's closing price of $41.42 on Monday, June 11. The stock was rising 3.1% to $42.70 in premarket trading on Tuesday.
JPMorgan analyst Doug Anmuth predicted that Twitter's advertising revenue growth will accelerate in both the second and third quarters. Anmuth boosted his second half of 2018 and 2019 revenue and EBITDA estimates by nearly 3%.
JPMorgan said it believes that Twitter can increase ad revenue by more than 20% over the next few years.