UPDATE: JPMorgan Downgrades Twilio (TWLO) to Neutral
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JPMorgan analyst Mark Murphy downgraded Twilio (NYSE: TWLO) from Overweight to Neutral with a price target of $110.00.
The analyst comments "We are downgrading TWLO to Neutral from Overweight and maintaining our Dec 2020 price target of $110, which is based on an 11x EV/CY20E revenue multiple. The multiple reflects the high, sustained growth rate Twilio has been able to maintain despite acquiring a slower-growing business. The multiple is a few turns above other high-growth software vendors in investment mode. We believe a premium for Twilio is appropriate and accounts for the factors we believe are most relevant: superior growth plus margin profile, best-in-class CPaaS, self-service viral developer-centric platform, balanced against notable customer concentration."
Shares of Twilio closed at $107.89 yesterday.
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