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Here's Why Twilio (TWLO) Stock Jumped Today
Shares of Twilio (TWLO - Free Report) gained nearly 5% in morning trading Friday after the cloud communications platform received a favorable rating in a key analyst note, which also suggested that Amazon (AMZN - Free Report) was a beneficial partner for the company.
JPMorgan analyst Mark Murphy upgraded Twilio to “overweight” from “neutral,” setting a price target of $36 per share for the stock. This would represent a nearly 34% increase from Thursday’s closing price.
“As the only public pure-play CPaaS (communications platform as a service) on the public market, Twilio's growth in our opinion will continue to be fueled by the proliferation of cloud and mobile application development that is reflective of its strong customer base which includes Uber, WhatsApp, Airbnb, and other industry leaders,” Murphy said in the note.
Murphy also mentioned that Amazon was “more partner than competitor.” The e-commerce giant has invested in Twilio, whose cloud infrastructure and product offerings heavily rely on Amazon Web Services.
Twilio provides real-time messaging services that allow businesses to quickly communicate with clients. You may not recognize the brand’s name, but you have likely interacted with its technology if you have reset your password on one of its many clients’ sites. The company boasts an impressive customer list that includes the likes of Facebook’s WhatsApp, Uber, and Netflix (NFLX - Free Report) .
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