Twitter (TWTR) was added to the S&P 500 index last week, and the money keeps pouring in.
The social-media stock traded within a few cents of $44 early this morning, the highest level in more than three years. It’s thoroughly outperformed larger rival Facebook (FB) so far in 2018 as Wall Street applauds its business turnaround.
Today, JPMorgan weighed in, predicting the shares will keep climbing to $50. The analyst saw large marketing clients increasing their business with TWTR, better engagement of ads and higher pricing. Daily average users (DAU), the industry’s key tracking metric, is also growing by double digits, according to the note.
TWTR is currently up 5.6 percent to $43.82 in morning trading, and has gained almost 80 percent so far in 2018. It’s more good news for co-founder Jack Dorsey, who just keeps getting richer. The other company he runs, payments firm Square (SQ), also hit a new all-time high today.