Why Twilio Stock Gained Today
Shares of Twilio (NYSE: TWLO) were trading 6% higher as of 1:33 p.m. EST Wednesday, after a Wall Street firm boosted its price target on the stock. Wells Fargo analyst Michael Turrin raised his price target from $375 to $450, which represents approximately 11% upside from Tuesday's closing price, and reiterated his overweight (equivalent to buy) rating on the stock.
Turrin is bullish on Twilio heading into the communication technology company's fourth-quarter earnings release; he expects that the report will show that the ongoing shift to remote work, a busy holiday shopping season, and the 2020 election combined to have positive impacts on usage and engagement during the period. Additionally, Twilio's $3.2 billion acquisition of leading customer data platform player Segment closed in November, and it should start contributing to the company's financial results soon.
Image source: Twilio.
Source Fool.com
