As previously reported, KeyBanc analyst Brent Bracelin upgraded Twilio to Overweight from Sector Weight, with a $99 price target. The analyst believes 2018 marks an inflection year for cloud software APIs that are poised to go ubiquitous across the broader enterprise over the next five years. Bracelin argues that Twilio's revenue could approach $2B by 2022 given increasing customer diversification, accelerating RPU growth across 57K customers, consistent usage-based API revenue drivers, an increasing mix of application services, and a large $100B-plus TAM within a $1T communications industry.