Why Twilio Stock Is Up On a Down Day
Well, it's a new week, but the stock market is still looking a lot like it looked last week -- which is to say, "down." One stock, however, is defying the downturn and glowing green this afternoon. As of 12:55 p.m. ET, shares of cloud communications platform Twilio (NYSE: TWLO) are up a solid 2%.
You can probably thank Piper Sandler for that.
That's kind of surprising because in a note out this morning, the investment bank seemed closer to downgrading Twilio stock than to upgrading it. Citing near-term headwinds for the business, Piper Sandler cut $9 off its target price for Twilio, down to $113 a share. (The analyst did, however, maintain an overweight rating on the stock, according to ratings watcher The Fly).
Source Fool.com
