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Twitter changes must go beyond c-suite: Peck

Is Jack Dorsey right for Twitter?

There's speculation Twitter is finally focusing on co-founder Jack Dorsey as the permanent CEO, and big changes to the company's board could be announced as soon as Thursday.

Even though the stock is down 27 percent since Dorsey took over as interim CEO on July 1, SunTrust managing director Robert Peck believes Dorsey is the best fit for the top post and can successfully grow the user base.

"Internally, we think he has the executive support. We also think that for the employees he's [a] rallying point, they rally around him. Externally, we finally saw publicly shareholders come out and support Jack," Peck said Wednesday on CNBC's "Fast Money."

Read MoreDorsey expected to be named permanent Twitter CEO

Jack Dorsey, CEO of Twitter.
John Chiala | CNBC

Peck, who has a "buy" rating and a $38 price target on the stock, said Twitter board members Peter Currie and Marjorie Scardino should be replaced because they're not engaged enough with the product

"We think the slowdown in users sort of caught them by surprise. They didn't really realize it. So that's why they ended up going into this rut," Peck said.

Twitter stock rallied more than 5 percent Wednesday, but shares are still in bear market territory. The company just saw its second negative quarter in a row and has only been positive for two of the past seven quarters.