MUFG analyst Stephen Bersey reiterated an Overweight rating on Twilio and increased his price target to $133 from $121. The analyst sees "continued end market strength" for the company, and raised his 2019 revenue estimate slightly, and increased his 2020 revenue estimate by 1.5% to $1.44B. He also lowered his 2019 non-GAAP EPS estimate by 19c to 27c, and lowered his 2020 estimate by 28c to 27c to "reflect higher investments back into the business." These changes account for what he expects to be "elevated levels of sales and marketing and R&D spend in order to capture market demand."