By Christiana Sciaudone
Investing.com -- Twilio (NYSE:TWLO) jumped more than 5% after KeyBanc raised the price target on the stock.
Analyst Alex Kurtz bumped the target to $424 from $410, maintaining a buy-equivalent rating, on strong reopening trends.
The firm's data "shows strong underlying reopening trends for Twilio with Core 6 Consumer on Demand transactions up 65% y/y in 2Q21," Kurtz wrote in a note, according to StreetInsider. "Additionally, conversations with partners outline ongoing cloud contact center adoption with Twilio's Segment strategy just emerging and could be underappreciated in consensus estimates."
The analyst raised revenue estimates for the company.
Analysts have forecast a loss for each of the past five quarters, but Twilio has delivered a profit every time. It has also beat sales expectations that have consistently increased.
Shares are down about 12% from a record in January.