Shares of Twitter Inc. tumbled 3.9% in active morning trade Tuesday, putting them on track for a record-low close, in the wake of some downbeat comments by analysts. Volume topped 9.1 million shares within the first half-hour of trade, compared with the full-day average of 22.5 million shares. Analyst James Cakmak at Monness Crespi Hardt slashed his stock price target by 18% to $18, saying consensus earnings estimates are still too high given the lack of potential near-term catalysts. “Twitter has been frustrating to cover, not only because of its declining share value, but more so because of its vast potential that’s eroding by the day,” Cakmak wrote in a note to clients. “Admittedly, as an avid user we’ve seen only incremental improvements to the experience when steep changes are needed. There is still time for a turnaround, but that window is closing.” Separately, independent research firm MoffettNathanson downgraded Twitter to sell, in a note entitled, “Hope is Not a Strategy.” The stock has now plunged 40% year to date, while the S&P 500 has gained 1.1%.
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