Twitter’s (TWTR) war on online abuse is under scrutiny in France. Several French lobby groups have pressured the company to step up its clampdown on hateful content, according to a Reuters report.
Now a French court has ordered Twitter to detail the steps it was taking to combat hate speech, the report said. The court wants Twitter to provide details of its war on hate speech within two months. (See Twitter stock chart on TipRanks).
The French order on Twitter comes as Britain plans to impose a new law that would expose social media companies to massive fines for failing to tackle online abuses. The planned British social media law could see companies fined as much as 10% of their revenue for not addressing problems such as racist hate crimes. Moreover, executives of social media companies could face criminal action as well.
In June, Bank of America Securities analyst Justin Post reiterated a Buy rating on Twitter stock with a price target of $82. Post’s price target suggests 16.79% upside potential.
Post reaffirmed his bullish view following the launch of Twitter Blue, the social media company’s much-anticipated subscription service. Twitter Blue offers extra features and is intended for heavy tweeters, the analyst observed. Twitter is initially rolling out the service in Canada and Australia.
“Blue could be a $360mn revenue opportunity…If we estimate 10% of Twitter’s daily active users are prolific users who could be potential subscribers of Twitter Blue, and we assume a 50% conversion rate, we get to 10mn potential subscribers. Assuming a subscription fee at an average of $3 per month, it could imply an incremental run-rate subscription revenue of $360mn a year,” noted Post.
Consensus among analysts is a Moderate Buy based on 8 Buys, 17 Holds, and 1 Sell. The average Twitter price target of $68.17 implies 2.91% downside potential from current levels.
According to TipRanks’ Hedge Fund Trading Activity tool, confidence in TWTR is currently Neutral. The cumulative change in holdings across all 17 funds that were active in the last quarter was an increase of 5.2 million shares.
Daimler, Volvo, Traton to Build Electric Vehicle Charging Points
South Korea Discussing Vaccine Production with Moderna – Report
RBC and DoorDash Partner to Bring Deals and Savings to Canadians