Tech stocks: New downgrade sends Twitter shares down

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Twitter shares have dipped below $60 in pre-market trading Wednesday after getting hit by another stock downgrade.

This time, it's Cantor Fitzgerald, who downgraded Twitter's stock from Hold to Sell. According to Marketwatch, analysts cite the social network's 'excessive' valuation.

Twitter shares fell 4.5% to $58.70.

The company's turbulent ride on Wall Street started in December, when Twitter's stock shot up above $70, closing over $73 in the middle of the month. Since then, a series of downgrades have sent shares sliding.

This week's slump was kicked off by Morgan Stanley, who dropped its rating for Twitter to underweight, citing increased competition for ad revenue.

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