Twilio (TWLO) PT Raised to $200 at Morgan Stanley

Morgan Stanley analyst Elizabeth Porter raised the price target on Twilio (NYSE: TWLO) to $200.00 (from $153.00) while maintaining a Overweight rating.

The analyst comments "Remain OW; Revising PT to $200 (from $153). Our revised PT of $200 (from $153) reflects ~24x '27e base case FCF/share of ~$7.9 (from $7.8). Our ~24x multiple (from ~18x) reflects a modest premium to the large-cap software peer group average of ~23.5x given strong underlying business momentum and early but ramping AI tailwind. Our bull case moves to $262 (from $202) on ~26x (from 20x) '27e Bull Case FCF/shr of $9.7 (from ~$9.6), which reflects low- to mid-teens growth and expanding margins. Our bear case moves to $94 (from 81) on ~12x (from 10x) '27e Bear Case FCF/shr of ~$7.0 (unchanged), reflecting a scenario in which growth retraces to MSD% alongside weaker margin expansion."

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