After Twilio reported Q4 results that beat her expectations, Morgan Stanley analyst Meta Marshall said she is surprised about the degree of step up in investment the company is making in 2020, but also believes the company is investing in a very large total addressable market that is in its early days of growth. The analyst, who expects to hear more about the growth potential at the company's upcoming analyst day on May 21, believes that meaningful upside still exists for Twilio and its shares. Marshall keeps an Overweight rating and $140 price target on Twilio shares.