Twitter Stock Downgraded To Hold After 37% Three-month Run-up

Shares of Twitter were downgraded to hold from buy at Pivotal Research on Wednesday, as analyst Brian Wieser said the stock has reached a price he would consider to be fair. The analyst maintained a $51 price target on the stock and said that the company remains favorable in Pivotal's opinion, but that a valuation-based ratings change is necessary as the stock historically moves frequently and with major swings, to reflect over-reactions in either direction from the market. "We think it is time to take money off the table as the market momentum that has driven the stock towards what we consider fair value could just as well reverse itself," he said. Shares of Twitter fell 0.5% to $51.20 in premarket trade. They are up 37% over the last three months, far outpacing the broader S&P 500, up just 0.5%.