RBC Capital analyst Alex Zukin initiated coverage of Twilio with an Outperform rating and $135 price target saying the company's TAM and product differentiation support on of the most durable growth stories in software. Zukin believes Twilio's developer-focused, platform asset differentiates from the competition with broader functionality and sees the next generation product disrupting legacy software industries over time. He also said consensus expectations reflect conservative assumptions and even his upside scenario may prove conservative if Flex adoption accelerates rapidly.