Share price target raised by Twitter

<p>Twitter has increased its share price target ahead of its flotation.</p>

Twitter has announced it has increased its share price target ahead of its planned flotation on the New York Stock Exchange later this year.

The social networking site caused a surprise when it elected to join the New York Stock Exchange rather than the Nasdaq a few weeks ago.

It has now revealed it plans to sell shares for between $23-25 (about £15) when it launches on the index on Monday (November 11th).

The company is therefore valued at more than $13.5 billion, even though it is yet to record a profit, reports BBC News.

In the first six months of 2013, Twitter's financial results showed that it recorded revenues of $254 million and a loss of $69 million.

The New York Stock Exchange has been carrying out extensive levels of testing in recent weeks in order to prepare for the Twitter flotation.

Investors faced a wide range of technical issues earlier in the year when shares in fellow social networking site Facebook went on sale for the first time.

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