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TWTR – Although valuations suggest long-term upside remains warranted, management concerns about their margins and ad products suggest upside may be limited in the near-term

November 15, 2017

    • Twitter, Inc. (TWTR:USA) currently trades near historical lows relative to UAFRS-based (Uniform) Earnings, with a 20.9x Uniform P/E, suggesting bearish expectations for the firm. While this offers a buying opportunity in the long-run, management concerns about their margins and ad products suggest near-term upside may be limited
    • Specifically, management appears concerned about the sustainability of improved advertising product performance, and strength in video and direct response ad formats. They may also lack confidence in their ability to continue expanding margins. As such, although upside remains warranted over the long-run, this upside is likely limited in the near-term

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