Twilio price target lowered to $60 from $70 at Wells Fargo

Wells Fargo analyst Michael Turrin lowered the firm’s price target on Twilio to $60 from $70 and keeps an Equal Weight rating on the shares. Twilio concluded it will not sell Segment, removing a key near-term catalyst for shares, the firm says. While buybacks can reduce share count by about 20% this year, single-digit growth and lack of margin expansion suggest shares likely range-bound for now, Wells adds.