Investing.com - If you've been riding the recent surge in Twitter shares and been thinking about getting off, now may be the time.
Research firm MoffettNathanson says the market has over-reacted to the social media's recent earnings surprise and reiterated its sell rating.
Twitter shares have gained 48% in the past month, largely because the company reported its first ever quarterly profit. The better-than-expected earnings prompted several Wall Street firms to raise their stock price target.
MoffettNathanson, however, says the earnings were only marginally better and the stock has "zero valuation support."
Twitter bulls see the beginning of a turnaround. They expect double-digit user growth this year, thanks to platform changes and a host of big events, such as the Olympics, the U.K.'s royal wedding and the midterm election.