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Twitter’s stock price continued a recent decline on Wednesday, closing down 3.5 percent to $59.29 after an analyst lowered the short-messaging service’s rating on concerns that its stock price is too high.
Shares of Twitter Inc. surged 53 percent in December as investors disregarded the company’s lukewarm early-November initial public offering of stock. But the company’s soaring share price has given analysts pause, even as they remain upbeat about Twitter Inc.’s business model.
Youssef Squali of Cantor Fitzgerald sees big things ahead for Twitter, but says the December surge was unwarranted. At least two other analysts have expressed similar concerns in recent weeks. Squali lowered his rating on Twitter’s stock to ‘‘sell’’ from ‘‘hold.’’ He thinks that a fair value for the stock is $32.