Share price target raised by Twitter
Twitter has increased its share price target ahead of its flotation.
Twitter has increased its share price target ahead of its flotation.
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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