Twilio's (TWLO) robust Q1 print reinforces confidence in the company's execution and the tailwind AI represents for consumption, Oppenheimer said in a Thursday research note.

Enhancements to the company's UX and back-office systems should further drive the cross-sell motion and open new pricing and packaging opportunities, analysts wrote.

While robust Q1 were driven by broad-based strength across customer segments and products, 2026 gross margin forecast was guided down due to carrier fee, which is expected to intensify in Q2, according to the note.

Multi-product customer count and revenue contribution gained momentum in Q1 sequentially, reflecting robust sales execution, the brokerage stated.

The brokerage said it reiterated its outperform rating on the stock and boosted its price target to $200 per share from $170.

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