(MENAFN- ProactiveInvestors)Citi analysts caused a sell-off of social media giant Twitter's (NYSE:TWTR) shares today as they slashed their price target to US$30 from US$37. The broker reckoned its sales forecast for next year was not realistic as 'they implicitly assume large increases in monetization that may not materialize.' Twitter's shares have been hovering around its initial placing price of US$26 and dropped more than 4% to US$25.63 on the news today. It could get worse for Twitter as last month Magister Advisors mergers & acquisitions (M&A) advisers to the technology & information sector reckon that at US$25 a share the social media network could be worth a lot more to a business that could accelerate innovation. The company still has yet to name a permanent chief executive to replace former boss Dick Costolo who stepped down July 1. Current chief executive Jack Dorsey is running the company while a replacement for Costolo is found. It is believed to be a two-horse race between Dorsey and head of advertising Adam Bain for the role. Twitter investor Chris Sacca has called for the board to name the interim boss as the permanent chief executive and some analysts suggest shareholders who reportedly widely support Dorsey are becoming impatient. Twitter was hailed as the new social media phenomenon and a potential rival to Facebook when it listed on the market in November 2013 but doubts have emerged about whether Twitter can move to being a mass market platform rather than a forum for the media and celebrities.
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