Twitter taking flight?

Shares of Twitter set a record high of $60.24 on Monday but later stumbled as investors questioned whether the stock has risen too quickly.


Twitter’s stock price is up 36 percent this month.

In recent weeks investors have been flocking to the social network as it announced new advertising services.

That’s significant because the company has yet to turn a profit.

Financial analyst Mark Mahaney of RBC Capital Markets maintained his “outperform” rating in a report last week, supported in part by positive survey results from advertisers about their adoption of Twitter.

Analyst Robert Peck of SunTrust Robinson Humphrey remains “extremely positive” about the company’s long-term prospects, but the stock’s quick rise prompted him to downgrade his rating Monday to “hold” from “buy.”

– Associated Press