Shares of Twilio (NYSE:TWLO) fell today, which may be attributed to an analyst downgrade. Indeed, Siti Panigrahi of Mizuho changed his rating on the stock from Buy to Hold while assigning a price target of $55 per share. For reference, his previous price target was $90 per share.
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Panigrahi pointed to the company’s softer-than-expected outlook as a reason for the downgrade, as it shows that the macroeconomic backdrop is impacting Twilio. Indeed, Panigrahi also cited how the firm’s consumption-based model is negatively impacting it as customers look for ways to save money amid a slowing economy.
Overall, Wall Street analysts have a consensus price target of $71.22 on TWLO stock, implying over 57% upside potential, as indicated by the graphic above.
