UPDATE: Macquarie Downgrades Twitter, Fundamentals Aren't Cause of Price Hike

In a report published Friday, Macquarie analyst Ben Schachter downgraded Twitter (NYSE: TWTR ) from Neutral to Underperform with a price target of $46.00. According to the report, nothing over the past few weeks has changed in the fundamentals that would justify the recent sharp rise in shares. Since December