Twilio Inc. TWLO shares traded higher on above-average volume Wednesday amid positive analyst coverage from Morgan Stanley. 

What To Know: Morgan Stanley analyst Meta Marshall maintained Twilio with an Overweight rating and raised the price target from $65 to $75.

The analyst change comes after Piper Sandler analyst James Fish downgraded Twilio from Overweight to Neutral on Monday, but raised his price target from $56 to $71, citing limited upside based on earnings estimates.

Twilio is scheduled to report second-quarter financial results on Aug. 8. Analysts expect the company to report earnings per share of 30 cents and revenue of $985.93 million, according to Benzinga Pro.

7.56 million shares of Twilio were traded on Wednesday versus its 100-day average of approximately 4.8 million. The stock is up 38% for the year, but it's still well off its highs from 2021.

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TWLO Price Action: Twilio shares closed Wednesday up 3.16% at $67.60, according to Benzinga Pro.

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