Investment firm Cowen cut its price target for Twilio (NASDAQ:TWLO) stock from $350 to $300. However, the revision still represents more than 100% upside from current levels and aligns with consensus estimates for TWLO stock.
Cowen analyst J. Derrick Wood maintained an “outperform” rating on shares. Wood feels the market sentiment is still awful at this time. However, he is seeing signs of directional improvement and stronger trends around sales productivity and U.S. messaging volumes.
Similarly, in late March, TWLO stock received another $300 price target from investment firm Stifel. However, Stifel analyst J. Parker Lane cautioned investors about the challenging macroeconomic climate for tech firms. He believes the Russian invasion of Ukraine and the resultant supply chain disruptions are hurting market sentiment. Moreover, energy prices are weighing on consumer spending.
Furthermore, analysts at Refinitiv have a $292.59 mean price target for TWLO stock. According to the investment firm, the stock trades below its low-end price target of $155. These targets are based on estimates of 29 analysts.
Twilio aims to become a leading customer engagement and cloud communication platform. It boasts a 38% share in the burgeoning Communications Platform as a Service (CPaaS) market. According to Juniper Research, the CPaaS industry could generate upwards of $34 billion by 2026.
Twilio’s robust technology and network effects can solidify its moat, positioning it as an industry juggernaut. Analysts’ price targets point to a massive upside to TWLO stock, so the current price levels seem highly attractive. Therefore, it’s an ideal time to open up a position and potentially profit in the coming months.
On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.