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Twitter to take a beating from rivals, says Evercore

Last updated: 10:03 19 Aug 2016 EDT, First published: 05:03 19 Aug 2016 EDT

Twitter board

Evercore ISI was bearish on Twitter (NYSE:TWTR), downgrading the social media giant from Hold to Sell. The group is tipped to drop 16% thanks to rising competition from Snapchat, said the broker.

"As broadcasting capabilities permeate competing social platforms that are winning influence with TWTR users and advertisers, which recent traffic patterns and management commentary citing its ad pricing premium confirm, we see more risk than reward, particularly ahead of Snapchat's anticipated monetization ramp this fall," wrote analyst Ken Sena.

"Compared to Twitter, similarly scaled social media competitors are exhibiting accelerating (Snapchat) or steady (Instagram) unique visitor growth."

RBC Capital Markets upgraded its rating for marine transport provider Teekay Offshore Partners (NYSE:TOO) from Sector Perform to Outperform, upping its target price from US$5 to US$8.

Seaport Global Securities upgraded its Neutral rating for Kadant (NYSE: KAI) to Buy, maintaining a target price of US$58.

CyrusOne (NASDAQ:CONE) was upgraded from Equal weight to Overweight byBarclays, upping its target price from US$50 to US$57.

Meanwhile, UBS was less than generous to Icahn Enterprises (NASDAQ:IEP), downgrading from Neutral to Sell and slashing its target price from US$52 to US$30.

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