Bernstein lowered the firm’s price target on Twilio (TWLO) to $119 from $130 and keeps a Market Perform rating on the shares. The firm notes Twilio’s Q2 earnings at first take could have come across as delivering nicely but as it digs deeper into the results and plans, some of the shine falls away. Add to this the fact Q3 margin guidance came in a touch below consensus, and it may not be a surprise the stock is down -11% in the aftermarket, Bernstein adds.
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