Sarhan Capital CEO Adam Sarhan was bullish on Twitter Inc TWTR 0.78% and social media.
Sarhan noted that social media did not exist a few years ago and that it “changed the world” though innovation and would continue to do so.
For Twitter, Sarhan observed that following its IPO the stock fell and then spent time not “doing anything,” similar to Facebook Inc FB 0.67% following its IPO.
If Twitter was able to continue its current rally, the next “important high to watch” would be the October high of $55.99, according to Sarhan.
“I think this thing’s going higher,” Sarhan concluded about Twitter and he felt the entire social media space would continue to grow.
Shares of Twitter traded recently at $50.90, up 1.6 percent.
Read more: http://www.benzinga.com/analyst-ratings/analyst-color/15/04/5376126/why-sarhan-capitals-ceo-thinks-twitter-and-social-media-#ixzz3W5yMdBCl