Twilio (TWLO) PT Raised to $310 at Needham & Company
Needham & Company analyst Richard Valera raised the price target on Twilio (NYSE: TWLO) to $310.00 (from $225.00) while maintaining a Buy rating.
The analyst commented, "TWLO delivered strong 2Q20 results, with a 9% top line and solid bottom line beat, and offering strong 3Q revenue guidance. It appears upside from COVID-driven use cases actually strengthened as the quarter progressed, while COVID-challenged verticals saw some "green shoots" of recovery. In aggregate, it appears Twilo is benefiting from an acceleration of digital transformation plans by many of its customers, driving increased demand for Flex and APIs, combined with what appears to be sustainable strength in a number of COVID-driven uses cases. While we expect the exceptional recent outperformance of TWLO shares, and resulting multiple expansion, could drive some NT profit-taking, we maintain our Buy rating while increasing our PT to $310 (was $225), equivalent to ~23-24x our new C'21 sales estimate."