Shares of social media website Twitter Inc (TWTR.N) hit an all-time low on Thursday after the company said on Wednesday evening that user growth stalled for the first time since the company went public.
Brokerages piled on, with more than 20 cutting price targets on the shares, which have been crushed so far this year, falling more than 35 percent in less than six weeks.
Shares were last down 4 percent on the day, at one point hitting an all-time low of $13.91 a share.
Even with the wave of price target cuts by brokerages, the median price target for the stock was $21, still 50 percent higher than the current price.
Currently, 14 of 45 brokers have a “buy” rating on the company, which is facing a crisis of confidence among investors worried about its plans to grow revenue and users.
Starmine, a unit of Thomson Reuters, sees the company’s intrinsic value at $11.40 a share, which implies further share price declines.
REUTERS
