UPDATE: Susquehanna International Group Initiates Coverage on Twitter on Wariness About Current Valuation

In a report published Tuesday, Susquehanna International Group analyst Brian Nowak initiated coverage on Twitter (NYSE: TWTR) with a Neutral rating and $38.00 price target.

In the report, Susquehanna International Group noted, “We initiate coverage of Twitter (TWTR) with a Neutral rating and $38 price target. While we like TWTR's opportunity to benefit from (and drive) the surge in social and mobile advertising, and our analyses of four strategies to improve monetization underscore the optionality for much higher earnings power, we are wary of current valuation levels and await a better entry point to turn Positive.”

Twitter closed on Monday at $42.90.