After taking a fresh look at Twilio's valuation following last week's post-earnings rally, William Blair analyst Bhavan Suri believes "there is still value in owning the stock." While the 35% rally on earnings "was probably a bit overdone," consensus expectations for 2019 and 2020 could prove conservative, Suri tells investors in a research note titled "Dreaming the Dream." The analyst says that if he were to assume Twilio can grow revenues 40% in 2019 and 30% in 2020, he would consider a cumulative growth rate of roughly 80% over the next two years. Applying an enterprise value of 10 times this forward revenue estimate, Suri says he would be able to justify a stock price of roughly $110. The analyst remains positive on Twilio's long-term fundamentals and thinks that "accumulating shares on any significant rationalization of the recent move makes sense." He keeps an Outperform rating on the name.