Wells Fargo upgraded Twilio stock to “overweight” from “equal weight”
Twilio Inc (NYSE:TWLO) stock is trading at two-year highs today, following an upgrade from Wells Fargo to “overweight” from “equal weight,” to go with a price-target hike to $120 from $80. The firm said the stock could be the new “pick-and-shovel play” in the realm of growing artificial intelligence (AI).
This is just the latest in a long string of bull notes for the recently rallying cloud stock, which has been moving higher since a 14.3% post-earnings bull gap on Oct. 31. At last glance, TWLO was up 3.3% at $97.14, on track for its eighth win in the last nine sessions. Year to date, the equity is now up 28.7%.
Options traders are targeting TWLO at double the intraday average, with 5,811 calls and 2,358 puts exchanged so far today. The November 97 call is the most popular, with new positions being bought to open there.
A continued shift toward optimism amongst analysts could help the stock even higher, as 15 of the 26 analysts in coverage still carry a “hold” or worse rating. Plus, the 12-month consensus price target of $80.68 is a 17.5% discount to current levels.