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Citi cuts Twitter estimates and price target, citing concerns over 'near-term revenue outlook'

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Citi is lowering its earnings estimates on Twitter due to concerns about the social media company's "near-term revenue outlook."

In a note to clients Wednesday, the firm also cut its price target on the stock to $36 from $45, and reiterated its neutral rating on Twitter share.

Citi said ongoing issues with Twitter's Mobile App Promotion product could hit revenues. Based on these concerns, Citi lowered its fourth-quarter EPS estimate to 24 cents from 27 cents.

The company is expected to report fourth-quarter results on Feb. 6.

Citi also said the stock was a "high risk" because shares have proven to be "especially volatile relative to other Internet stocks."

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