Loop Capital analyst Blake Harper upgraded Twitter (TWTR) to Hold from Sell while maintaining a $16 price target for the shares.

Downside is limited, even if the Q3 results disappoint, as there is “essentially a floor on the value of shares given the M&A speculation,” Harper tells investors in a research note. The analyst sees a likelihood of the board and its bankers pushing through a sale by the end of the year.

Twitter closed yesterday up 10c to $16.83.