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Twitter (TWTR) shares are down 7 cents, or half a percent, at $14.88, after Canaccord Genuity’s Michael Graham this morning reiterated a Hold rating on the stock, and cut his target a buck to $14, writing while usage seems able to meet expectations, actually making money off ads isn’t looking as good.

“Q1 net adds could be round 3.6 million,” he writes, referring to “monthly average users,” or “MAUs.” He thinks that would be considered more or less “in line” with the consensus on the Street of 4 million net adds.