While Twitter (TWTR) is currently trending on Wall Street for all the wrong reasons, SunTrust Robinson Humphrey’s Bob Peck sees opportunity following the name’s nearly 18% nosedive Tuesday on the expiration of a lock-up period.
“I think Twitter is more interesting here,” he said on CNBC. “Obviously the valuation is way more in line with the rest of the space versus where it was before”.
Approximately 470 million shares that were granted to Twitter execs and other employees before the company went public were set free, leading the stock to hit an all-time low of $31.85 per share. TWTR continued to slide in after-hours trading.
Peck, the first research analyst to set a target price on the microblogging site before it went public, has a “Neutral” rating on the co.’s stock with a PT of $50 per share.