Twilio (TWLO) on Wednesday filed a proxy in connection to its proposed acquisition of SendGrid (SEND), Oppenheimer analyst Ittai Kidron tells investors in a research note titled "SendGrid Proxy Reveals Strong Upside Potential." The analyst points out that Twilio made four cash offers for SendGrid before internal forecasts were shared and a stock deal was deemed as offering superior value. Further, Twilio's internal forecasts were materially above consensus calling for 136.3% net dollar expansion rate versus the consensus of 125.7%, says Kidron. SendGrid's projections were also well above consensus, he adds. Overall, Kidron continues to see "strong core business upside and compelling SendGrid deal rationale/synergies." He remains bullish on Twilio with an Outperform and $110 price target.