Twitter CEO and co-founder Jack Dorsey gestures while interacting with students at the Indian Institute of Technology (IIT) in New Delhi on November 12, 2018.

Prakash Singh | AFP | Getty Images

Twitter needs to spend money, according to Evercore ISI. The social media company’s impressive business turnaround in the past few years has masked its lack of investment.

The firm downgraded the stock to underperform from in-line and slashed its price target to $25 per share from $42 per share. The call follows a negative reversal in Twitter’s stock in the last month. The shares are down 27% in the last one month to $29.54 and are now barely higher for the year.

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