As reported previously, MoffettNathanson analyst Michael Nathanson downgraded Twitter to Sell from Neutral, saying that the company's enhanced timeline and Moments initiatives have done "essentially nothing" to bring in new logged-in users. While other initiatives, like the monetization of logged-out users and partnerships like the DoubleClick integration, could lead to some stabilization and possibly upside late this year or early next, they probably represent "too little, too late" and Twitter is "less and less of a must have" for potential acquirers, Nathanson contends. The analyst lowered his price target on the stock to $12 from $15.