Twitter appears to have a strong legal position in its fight with Elon Musk and that could create a big win for investors, according to Rosenblatt Securities. Analyst Barton Crockett upgraded Twitter to buy from neutral, saying in a note to clients Thursday that he found the company's lawsuit against Musk persuasive. "Twitter's disclosure of very detailed efforts to explain its spam bot calculations to Musk, and Musk's reluctance to engage, largely ends our skepticism about Twitter, and instead makes us skeptical about Musk. As a result, we now see leverage on Twitter's side in this fight," Crockett wrote. Musk agreed to buy Twitter earlier this year for $54.20 per share in cash, but has since raised concerns that Twitter's percentage of fake users is higher than the company disclosed. Moreover, tech stocks have declined significantly since Musk's initial offer, including shares of Tesla , which accounts for much of Musk's personal wealth. Musk moved to terminate the deal last Friday , and Twitter sued him this week. If Twitter's lawsuit is successful, a judge could order Musk to close the deal at the original price, which is more than 47% above where the stock closed Wednesday. There could also be a settlement, with Musk paying a discounted price or a larger breakup fee. Rosenblatt raised its price target on Twitter to $52 per share from $33. "Twitter now looks like an unusually appealing near-term opportunity, in a market otherwise hammered by macro concerns," Crockett wrote. Buying Twitter does have substantial risk for investors. If Musk were to win his lawsuit, the stock could fall further. Musk also owns a sizable portion of Twitter's shares already, so he could create selling pressure if he exits that position after the trial. — CNBC's Michael Bloom contributed to this report.