Benzinga | Dec 9, 2021 09:47PM EST

Read Why Barclays Sees 37% Upside In Twilio

* Barclays analyst Ryan MacWilliams upgraded Twilio Inc (NYSE:TWLO) to Overweight from Equal Weight with an unchanged price target of $375, implying 36.5% upside.

* The analyst likes the stock setup in fiscal 2022 "on easier compares."

* Twilio shares have approached a "more reasonable" valuation versus faster-growth peers since the Q3 earnings report, and investor concerns on its Q4 are "overly represented in shares," MacWilliams tells investors in a research note.

* He continues to view recent deceleration in organic growth as a product of challenging compares rather than an indication of market health.

* Twilio is a communications platform-as-a-service company that allows software developers to integrate messaging and communications functionality into existing or new applications via application programming interfaces and software development kits.

* Price Action: TWLO shares traded higher by 2.63% at $282.03 in the premarket session on the last check Thursday.