Macquarie Capital analyst Ben Schachter has lowered his rating for Twitter from neutral to underperform — the equivalent of sell — despite the fact that the company’s shares have almost tripled in price since its IPO last month at $26 per share. Macquarie characterized the growth as “too far, too fast.”
“We continue to believe that Twitter as a company has a bright future and many opportunities ahead,” Schachter wrote. “However, as a stock, we believe nothing has changed over the last 15 days to justify the rise in valuation.”