Aegis Capital analyst Victor Anthony said in a pre-open note that the firm's Twitter tracker is "seeing sequential weakness" of 3%-4% in April monthly and daily active users versus March. Those trends are persisting midway through May, with MAU and DAU declining another 2%-3% from April. The analyst notes that Twitter management previously cautioned that its strong Q1 numbers were partly seasonal, and his data now appears to confirm that. Beyond the apparently slumping audience metrics, Anthony argues that visibility into when negative advertising trends might reverse is "low," and he reiterates a Sell rating and $12 target on the shares.