Twilio downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler downgraded Twilio to Neutral from Overweight with a price target of $71, up from $56. The shares are up 40% since Q1’s “disappointing print,” with the performance primarily due to bullish-sounding conference commentary, broader market moves, and potential activism, the analyst tells investors in a research note. While Twilio may be finding more stability than prior quarters as crypto and other headwinds abate, the macro environment uncertainty and recent divestitures will create :messiness” for sales estimates ahead that are likely too high, says the firm. As such, Piper sees limited share upside from here.