Piper Sandler因估值担忧下调Twilio评级

2026-01-05 21:33

Twilio (TWLO) was downgraded by Piper Sandler on Monday as the investment firm citied concerns about valuation.
Shares fell 1.5% in premarket trading.
“Following [roughly] two-years of being [Overweight-rated] based on our view around FCF, growth re-acceleration, and AI, we are moving to the sidelines and a Neutral-rating,” analyst James Fish wrote in a note to clients. “Our general view on the company is unchanged, though we expect the re-acceleration narrative will fade later in 2026, FCF estimate upside revisions from here are more limited, TWLO has a relatively fair valuation, & the prior capital return narrative was executed on already. Within the communication stack, Twilio remains our favorite name as the 'best-house' in this neighborhood, and should continue to be a Voice AI infrastructure beneficiary as a small but fast-growing part of its business. We would become more constructive again at a lower level, with the next catalyst being Q4 earnings / initial 2026 guide.”
In addition to the downgrade, Fish tweaked his price target to $148 from $145.

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