Here are the biggest calls on Wall Street on Friday:
UBS said in its downgrade that Twitter's ongoing investments into safety, security, and advertising technology could be an earnings headwind for 2020.
"As we enter 2020, we see TWTR at a bit of a crossroads – we con't to hear from ad industry contacts that 2020 should be a year where TWTR's platform is set to capitalize on large scale global events (Olympics, European football championship & US election) but exiting from its 'buggy' summer we think TWTR mgmt also is likely to persist with investments around safety/security and ad tech stack."
Read more about this call here.
UBS upgraded the stock and said it expects positive momentum for ad revenue and user growth in 2020.
"Inline with recent quarters, we see SNAP exiting 2019 with positive business momentum in terms of both ad revenue and user growth and expect such momentum to persist in 2020. While the stock is up 21% over the past month and certainly not a contrarian idea to upgrade at these levels, we see a renewed mgmt team focused on driving a mix of user growth and ad monetization that could produce multi-year revenue growth even above our newly raised forecasts."