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Tesla shares dropped 4.3% Monday, to pull back from Friday’s five-week closing high. “From the beginning this was always a head scratcher to go after Twitter at a $44 billion price tag for Musk and never made much sense to the Street, now it ends in a Friday the 13th-like ending with Twitter’s Board set to vigorously fight this deal to the end in Delaware courts.” “For Tesla’s stock this will be some relief rally as this situation was an overhang on the stock, but the Street is wary of the looming court battle ahead between Musk/Twitter Board,” he wrote, in the note released on Saturday. Wedbush analyst Ives thinks that Musk’s decision to end the Twitter agreement could spell good news for Tesla’s shares. The average stock price target is $50.68. Of 34 analysts surveyed by FactSet, two have the equivalent of a buy rating on Twitter, while 31 have a hold rating and one has a sell rating. Opinion: It is time for Twitter to get as much of Elon Musk’s money as a court will allowįollowing Musk’s move Stifel cut its Twitter price target to $30 from $54.20. “We do believe Elon Musk ultimately wants to run Twitter and believe the best course of action for both parties is a compromise.” Benchmark maintained its hold rating on Twitter. “We suspect neither party wants a long, drawn-out legal battle,” he added. “Twitter’s board must contemplate the potential harm to its employee and shareholder base of any additional internal data exposed in litigation,” he wrote, in a note released on Monday. Truist has a hold rating on Twitter.īenchmark analyst Mark Zgutowicz agrees that the courtroom battle poses major risks for Twitter. “We believe a scenario whereby Musk terminates the transaction and walks away unscathed is highly unlikely,” Squali added. Potential outcomes include a settlement whereby Musk ends up buying Twitter at a material discount to the initial offer price, or Musk walking away but paying a breakup fee. See Now: Twitter, Elon Musk hire legal heavyweights for upcoming court battle: reportīoth parties are now in a high stakes/high risk situation, according to Squali. “This makes the investment case for TWTR hard to make at this point.”
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“The company is now likely to engage in a messy and prolonged court battle to try to force him to go through with the deal on the agreed-upon terms ($54.20/share, a $44B valuation), an unlikely scenario in our view,” he wrote, in a note released on Sunday. With Musk looking to terminate the deal, Twitter’s “nightmare scenario” is playing out, according to Truist Securities analyst Youssef Squali. Wedbush maintained its neutral rating on Twitter. The analyst does not expect any other bidders for Twitter to emerge while the legal battle is playing out in the courts. “There is a separate debate that will rage around if Twitter or Musk has the edge going into Delaware court proceedings that likely kick off this week with the first shot across the bow.” “The legal issues could last into 2023 and in the meantime Twitter is a public company that needs to navigate day-to-day operations with many challenges ahead with its stakeholders,” he added. Ives predicts a “long and ugly court battle” in which Twitter’s fake account/bot issue will be scrutinized, casting a cloud over the company in the near term. See Now: Elon Musk terminates deal to buy Twitter, and Twitter’s chairman promises a legal fight Twitter shares fell 6.6% in morning trading Monday toward a four-month low. “Today, Twitter’s stock will start to trade on a standalone basis with a valuation range that we view as $25-$30 being fair value based on its peer group and growth profile.” to navigate the myriad of challenges ahead around employee turnover/morale, advertising headwinds, investor credibility around the fake account/bot issues, and host of other issues abound,” wrote Wedbush analyst Dan Ives, in a note released on Monday. “For Twitter this fiasco is a nightmare scenario and will result in an Everest-like uphill climb for Parag & Co. Wedbush cut its Twitter price target to $30 from $43, citing what it describes as a “code red” situation for the company and its board.