Oppenheimer analyst Ittai Kidron lowered the firm’s price target on Twilio to $75 from $110 and keeps an Outperform rating on the shares. The analyst is also slightly reducing his 2022 year-end and 2023 estimates across his coverage universe. Demand patterns have slowly deteriorated through 2022 as anticipated recessions across the globe and FX moves have impacted international business activity, Kidron notes. Similarly, rising interest rates have slowed business activity, extended sales cycles, and hurt SMB demand in the U.S., he adds. Looking to 2023, the analyst expects a more muted Q4 2022 budget flush effect and a potentially slow start to enterprise spending in Q1 2023, as IT budgets are finalized and enterprises wait for visibility into business activity before resuming budgeted spending activities.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on TWLO: