SAN FRANCISCO (MarketWatch) - The year isn't even a week old, yet the competition for online advertising dollars has become such a hot topic for the Internet market that industry sentiment is already pointing toward the dominance of Facebook Inc. and Google Inc. and away from the just gone public Twitter Inc.
'Despite the ease at which users can sign up for Twitter, we think it is inherently more complicated to understand how to get the most out of Twitter compared to Facebook's service, which is easier to use,' Devitt said in a research report.
As evidence of the difference in usage between Twitter and Facebook, Devitt cited statistics from a Pew Research Center Internet project report which showed that while 90% of Twitter users also use Facebook, just 22% of Facebook's users also use Twitter.
Twitter's stock fell more than 7%, to $64.08 Monday following Devitt's report, but is still up by more than 146% since the company priced its IPO on Nov. 7, 2013 at $26 a share. Devitt also has a price target of $33 a share on Twitter.
Meanwhile, Devitt raised his price target on Facebook to $62 a share from $53, and kept his rating on the stock at overweight, as he added expectations for revenue from Instagram into his sales estimates for Facebook. Devitt said advertising from Instagram could add $1 billion in incremental ad revenue to Facebook by 2020. Devitt also cited Facebook's launch of its News Feed video and the likelihood of it attracting more TV ad spending online as making the company 'the best way to play social Internet [market]'.
Also see:MarketWatch's coverage of the 2014 CES
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