Twilio price target raised to $60 from $45 at Stifel

Stifel analyst J. Parker Lane raised the firm’s price target on Twilio to $60 from $45 and keeps a Hold rating on the shares after the company announced a corporate restructuring that will result in 17% of its workforce being laid off. The company will reorganize into two segments, namely Twilio Communications and Twilio Data and Applications. While the top-line picture remains relatively unclear as a result of these changes and the macro, the firm believes the potential for margin expansion will be welcomed by investors. Shares traded more than 3% higher on the news, Stifel adds.