NEW YORK, Nov. 4 (UPI) -- U.S. social network firm Twitter set new targets for its public debut on Thursday, bumping its initial price range to $23 to $25.
The higher price means the company could pull in about $1.7 billion in funding in its initial public offering. It also means the company could be valued at $13.9 billion, The New York Times reported Monday.
In a previous filing, Twitter set the price range at $17 to $20 per share with the expectation that it will sell 70 million shares.
Although Twitter raised the price range, it still intends to sell 70 million shares, the Times said.
Some consider the new pricing modest.
"If you've got a social strategy, Twitter is one of the most effective ways to activate that. What they've got is unique and not replicable in any sense," said Pivotal Research analyst Brian Wieser, who put the target price for Twitter at $29 per share.
BTIG Research analyst Richard Greenfield said he expected Twitter shares to reach $30 per share in 2014, the Times said.
Both analysts based their share price growth on revenue projections.
"We expect a lot of growth ahead in advertising and Twitter ad products," said Greenfield, who expects revenue to grow from $636 million this year to $2.7 billion in 2016.
