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Here is what JPMorgan analysts have to say about Twitter stock

By: Invezz
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Shares of Twitter (NYSE: TWTR) recorded another positive week as the price closed 8.6% higher on Thursday ahead of Christmas. 

Fundamental analysis: Troubles in Russia?

Russian lawmakers are considering banning internet platforms including Facebook, Youtube and Twitter if they find that the internet giants have been censoring content posted by Russians. 

The lower house of Russian parliament State Duma has passed a draft legislation on this matter. In the statement, the parliament said regulators could gain the power to block these platforms if it was found that they have been censoring content based on nationality and language. 

The parliament also said that it will block the websites found to be disadvantaging Russian media’s content. State Duma’s decision comes after it received a number of complaints from Russian media companies who claim their accounts were being censored by Facebook, Twitter and Youtube. 

Technical analysis: New record highs targeted

Twitter stock price recorded the fifth consecutive week of gains to push the price action towards record highs at $56.11. The former all-time high at $52.93 will now act as a support line for buyers.

Twitter stock weekly chart (TradingView)

Some Wall Street analysts expect Twitter stock to continue trading higher. Doug Anmuth, an analyst at JPMorgan is bullish about Twitter’s stock, raising its rating to Buy on December 16. Anmuth increased the price target to $65.00 per share from prior $52.00.

“We believe Twitter is uniquely positioned as the real-time broadcast and communications network, making it complementary to all other forms of media, including TV,” Anmuth said in a research note.

Technically, next targets on the upside are $56.84 and $61.72, with the latter seen as a critical target in the mid-term.

Summary

Russia might ban internet platforms including Facebook, Youtube and Twitter as these companies might have been censoring content posted by Russians. In the meantime, Twitter share price printed record highs as analysts increase their price objectives on the stock. 

The post Here is what JPMorgan analysts have to say about Twitter stock appeared first on Invezz.

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