Benchmark analyst Mark Zgutowicz initiated coverage of multiple social media stocks. Zgutowicz initiated coverage of Twitter Inc. with a Hold rating and no price target. He views Twitter as providing high utility to a niche user base. Still, he sees limited ability to scale beyond an otherwise event-driven branding platform and does not believe Twitter will ever achieve its 50 percent direct response mix target. Zgutowicz initiated coverage of Pinterest Inc. with a Hold rating and no price target. Pinterest has always offered unique visual IP and high utility to its “predominantly female audience,” but its niche demographic has been “its Achilles heel,” Zgutowicz said. Zgutowicz initiated coverage of Snap Inc. with a Buy rating and $50 price target (22.4  percent upside). The current valuation does not accurately reflect future digital advertising share gain from improving relative return on ad spends, or “ROAS,” compared to peers, argues Zgutowicz. By Anusuya Lahiri © 2021 The Epoch Times. The …