In response to Twitter’s confirmations to various outlets, including The Wall Street Journal, that it was letting go of four executives, analysts at Stifel Nicolaus have downgraded the social media site’s shares from buy to hold.
It’s been a tough past year for Twitter, capped off by these freshly departing executives – including the engineering chief, product head, head of media and human resources vice president. In a note quoted from by MarketWatch, Stifel analysts remarked that “we don’t see how the departure of the heads of three major business divisions can be viewed as a positive”.
The analysts further wrote: “We downgrade Twitter shares to hold. Sorry”. While the analysts resisted revising their estimates for the company, they revealed their expectations of downgrading them following Twitter’s reveal of its fourth quarter financial results on February 10.
