Twilio slips after Morgan Stanley downgrades to "equal-weight"
** Shares of cloud communication firm Twilio TWLO.N falls 3.4% to $53.80
** Morgan Stanley downgrades co to "equal-weight" from "overweight"; cuts PT to $60 from $70
** Primary reason for stepping to sidelines is a lack of a revenue catalyst over the next 12-18 months, potentially challenging co's ability to meet FY25 Street expectations - MS
** Says near-term transition period required to accommodate integration between units and management changes could limit investor enthusiasm and upside potential
** Expects TWLO's business inflection to depend on new product roll-outs - a dynamic that could take longer to ramp, given new management and changes to go to market motions
** 14 brokerages maintain a "buy" or higher rating on co, 15 rate it "hold" while three rate it "sell"; median PT at $67 - LSEG data
** TWLO stock down 29% YTD
Reporting by Purvi Agarwal in Bengaluru
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