Piper Sandler raised the firm’s price target on Twilio (TWLO) to $145 from $144 and keeps an Overweight rating on the shares. The firm says Twilio showed why it has been our top Communication Software pick, which while it was helped by a full-quarter’s impact of the recently announced price increase, showed an acceleration against much more challenging compares, Messaging-only ex-fees grew about 15%, net-new customer additions remained strong even when normalizing out the email transition from free to paid, NRR moved higher, GPM held above 50%, and Twilio saw this all flow into free cash flow.
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