Twitter (TWTR) has started the year off well.
After bottoming out around $45 in January, it rocketed to $78.50. While it’s now overbought and ready to reverse, near-term, it could trend higher, long-term.
All thanks to expected solid growth.
By the end of 2023, the company expects to have 315 million monetizable daily active users. It also expects to double annual revenue in 2023, as well.
“Doubling its annual revenue would mean going from $3.7 billion in 2020 to at least $7.5 billion in 2023, Twitter said, as quoted by CNBC. In addition, “The company also set a goal of doubling its development velocity by the end of that same year, which would require it to double the number of features each employee ships that directly drives mDAUs or revenue.”
Near-term, the TWTR stock needs to cool off from overbought conditions. On a pullback, it could be a worthy buy with a target price of $100.