Street estimates show Twilio's total revenue growth slowing to 26.8% year-over-year by Q3 of 2020 from 74.7% last quarter based on tough comparisons within the top 10 customer cohort and anniversary of the SendGrid acquisition, Piper Jaffray analyst Brent Bracelin tells investors in a research note. This combined with the billings and earnings guidance error has shaken near-term investor sentiment, pressuring shares to fall 37% below the 52 week highs, adds the analyst. He believes investors need to get comfortable with this "wall of worry" before establishing new positions in Twilio. Bracelin, however, says his analysis shows the company's mass market still growing 50% year-over-year while SendGrid growth has accelerated slightly. He keeps an Overweight rating on Twilio with a $140 price target.