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Fly News Breaks for October 6, 2015
TWTR
Oct 6, 2015 | 08:09 EDT
After Jack Dorsey was named CEO of Twitter, Pacific Crest says that Dorsey's product background makes him "a good fit" for the role,. However, the firm notes that it wanted the company to hire an outsider as CEO. Additionally, the firm thinks that the company is facing difficulties afflicting the entire Internet sector, including user growth issues. Consequently, Pacific Crest says that a turnaround by the company is "much less likely." It cut its price target on the stock to $40 from $52 but keeps an Overweight rating on the shares.
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