Twitter: Wedbush raises target price
(CercleFinance.com) - While maintaining its "neutral" rating on the Twitter stock, Wedbush has raised its target price for it to 50 dollars, after Elon Musk announced that he would sell 7 billion dollars worth of Tesla shares.
The broker reports that the billionaire justified the sale as a precautionary measure, aimed at avoiding a rush to sell Tesla shares in order to fund a Twitter takeover, should he be forced to complete the deal.
Wedbush now considers a takeover of the microblogging platform by Elon Musk to be more likely, and has raised its target for the stock from 30 dollars (basically its intrinsic value) to 50 dollars.
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