Baird analyst Colin Sebastian is "more constructive" on shares of Twitter with the stock down 23% year-to-date. Twitter has "significantly" underperformed the large-cap Internet group, the analyst tells investors in a research note titled "CEO Search May Actually Be at Square..." The "imminent" CEO announcement, reasonable Q3 consensus revenue expectations and an accelerating pace of product innovation amid a heightened sense of urgency position Twitter for near-term positive headlines, Sebastian writes. He believes the CEO search may be at Square with Jack Dorsey as the leading candidate. Dorsey has the "vision, legitimacy, and power to lead Twitter at least as well as anyone else," the analyst argues. Despite a more constructive stance, Sebastian keeps a Neutral rating on Twitter with a $35 price target. The stock closed yesterday up 78c to $27.91. He still wants to see tangible evidence that "meaningful" user growth is on the horizon.