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Research Alert: CFRA Maintains Buy Rating On Shares Of Twilio Inc.

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-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lift our price target by $54 to $211, 30x our 2027 EPS view, above TWLO's three-year average (~22x) given recent growth and margin inflections. We raise our 2026 EPS view by $0.51 to $5.92 and raise 2027's by $0.65 to $7.02. TWLO's organic sales growth forecast for 2026 jumped materially from ~8.5% to 10%, and we see a clear ability for Q1's stellar performance (+16%) to sustain all year, creating upside. Growing AI native demand is creating more multiproduct customers (+29% Y/Y vs. +26% in Q4), and we see a long growth runway as these customers rapidly scale. Improving profitability remains a key catalyst, and Q1's operating margin print was impressive across both non-GAAP (+160 bps Y/Y) and GAAP (+600 bps) figures, with SBC coming down to 10% from 11% last quarter. We think TWLO's exposure to upside from growing agentic AI activity far outweighs AI's competitive risks from "vibe-coding," with early results clearly showing a preference to utilize third parties for communications infrastructure.

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CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our 12-month target by $1 to $87, 22.0x our next-12-month EPS estimate, above peers and CMS's three-year historical average of 18.4x. We trim both our 2026 and 2027 EPS views by $0.02 to $3.88 and $4.17, respectively. CMS posted Q1 adjusted EPS growth of 10.8%. CMS announced that two hyperscaler data centers had reached commercial agreement on contract terms and signed 110 MW of new load in Q1 alone (exceeding all of 2025's signings), with expected load coming online starting in 2028, all incremental to the current plan. Each 1 GW of new load provides $2B-$5B in capital investment opportunities while reducing average customer rate growth by ~2%. We think CMS offers competitive near-term EPS (~7.6% 2025-2028 CAGR) and dividend growth trajectories (~5.8%). In our view, Michigan is one of the most supportive regulatory districts in the country, with CMS's most recent electric rate case outcome highlighting regulatory willingness to support prudent investments through multiple recovery mechanisms.

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3:00 Friday vs 3:00 Thursday2yr 99-24 vs 99-23; 3.884% vs 3.881%5yr 99-12 vs 99-11; 4.018% vs 4.019%10yr 98-00 vs 97-29; 4.375% vs 4.388%30yr 96-22 vs 96-11; 4.963% vs 4.985%2/10 48.906 bps vs 50.435 bps5/30 94.299 bps vs 96.315 bps