Monness Crespi analyst Brian White downgraded Twilio (TWLO) to Neutral from Buy, calling the company's mixed Q3 results and weak Q4 outlook "the final straw in what has been a sideways year." He previously said he found the timing of the company's call at the same time as Apple (AAPL) and Facebook (FB) "very peculiar" and that his "paranoia proved well founded" given the company's less-than-optimal report. White, who also called the tone of the company's earnings call "concerning," cut his revenue and EPS estimates for Twilio for FY19 and FY20 following the report and call.