Twitter Inc. (TWTR) may be the preferred method of communication for President Donald Trump and millions of others, but that doesn’t mean the company is making a lot of money or is a good social media play.

That’s according to Jefferies, the Wall Street firm that slashed its investment rating on Twitter to neutral from buy on the microblogging company and cut it price target to $16 a share from $20. In a note to clients covered by the media, Jefferies analyst Brent Thill argued that while Twitter has broad user engagement, it is having a hard time monetizing it. "In social we see a clear winner in FB," wrote the analyst. (See also: Twitter Gives Its Product a Makeover.)

At $16 a share, the analyst thinks the stock could fall another 4%. So far this year, shares are only up a little more than 1%, which is a far cry from how its rival is performing. Facebook Inc.’s (FB) stock is more than 40% higher so far in 2017.

Roll the Video

For months now, Twitter has been struggling to grow its user base and get more money from advertisers, something Facebook and Alphabet Inc.’s Google (GOOG) have had no trouble doing. In its most recent second quarter, the company reported revenue that was down 5% to $574 million, dragged lower by an 8% decline in global ad revenue, which makes up 85% of overall sales. The company reported a loss of $116 million, wider than  $107 million loss it had in the year-ago second quarter. Monthly active users remained at 328 million from Q1 to Q2. With the political environment getting more divided, the company has been facing calls to block President Trump's tweets, but doing that could prove to be disastrous to its financial prospects. James Cakmak, an analyst at Monness Crespi Hardt & Co said earlier in August that if Twitter gives into demands to block @realDonaldTrump account, it will be committing corporate suicide. In an interview with Bloomberg, Cakmak said that banishing Trump could cost the company as much as $2 billion, nearly a fifth of its $11.91 billion market capitalization. (See also: Twitter’s Election-Driven Growth Winds Down, Stock Plummets.)

In an effort to lure more advertisers to its platform, Twitter has been embracing live video, inking a slew of partnerships. Thill isn’t sold on that either, saying in the note that while Twitter’s push to become a digital live video provider is interesting “bigger competitors such as FB & GOOGL have much stronger digital video propositions for advertisers with much larger and more engaged user bases, deeper granular data for targeting, and proven return on advertiser investment."

In his downgrade, Thill defended his decision not to slap a sell rating on the stock, arguing shares have come off of a low in the last two years and that management changes could improve the revenue per user picture in the near term. “We will pay close attention to advertiser sentiment over coming months and effectiveness of live video," wrote the analyst.

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