JPMorgan analyst Doug Anmuth downgraded Twitter (TWTR) to Neutral saying the company's Q1 results show its user and advertising challenges continue. Product changes have been slower and less impactful than we expected, Anmuth tells investors in a post-earnings research note.
Twitter also faces increased competition from Facebook's (FB) core Newsfeed, Instagram and Messenger, as well as from Snapchat, the analyst contends. He cut his price target for Twitter shares to $18 from $26. The stock traded down $2.57, or 14%, to $15.18 last night in after-hours trading.
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