What happened
Shares of Twilio (TWLO 1.84%) rose as much as 5.8% on Wednesday, goosed by another bullish analyst note.
So what
Rosenblatt analyst Ryan Koontz raised his price target on Twilio's stock from $150 to $235 per share, without changing the stock's "neutral" rating. In other words, Koontz expects Twilio's share prices to rise about as fast as the broader market in the near term, and it was time to update the price target to reflect rising stock prices.
Image source: Getty Images.
Now what
The stock closed Tuesday's trading at $250 per share and has now gained 154% since the market bottom in March. Twilio benefits from the COVID-19 pandemic's work-from-home and stay-at-home orders because its cloud-based communication tools help other companies set up and manage their own remote communications functions.
