Twilio (TWLO) PT Raised to $250 at Citizens Amid Challenging Software Backdrop

Citizens analyst Patrick Walravens raised the price target on Twilio (NYSE: TWLO) to $250.00 (from $210.00) while maintaining a Market Outperform rating.

The analyst commented, "Software stocks remain very challenging, with the median stock in our universe down 25% YTD, compared to the IGV down 10% and the S&P 500 up 9%. Thirty-three (33) of the 45 companies we cover are down year to date on an absolute basis, while 12 are up. It is important to point out, however, that software consists of two subsector – infrastructure and applications. Infrastructure is in a far better position, with 8 of the 15 infrastructure companies in our coverage have traded up...Some of the infrastructure names we like heading into earnings include DigitalOcean and Snowflake (SNOW, MO, $325 PT), both of which we believe are poised for significant acceleration, Twilio (TWLO, MO, $210 PT), and Cloudflare (NET, MO, $320 PT).

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