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Twilio (NYSE: TWLO) shares climbed 5.5% in the afternoon session following a price target increase from JPMorgan Chase and sustained institutional buying triggered by the company's inclusion in the S&P 500 index.
The move occurred as technology stocks broadly rebounded from a previous sell-off driven by concerns over artificial intelligence revenue expansion.
According to TipRanks, the addition of Twilio to the S&P 500 forced index-tracking funds to purchase shares to align with the benchmark, creating extended buying volume from institutional investors.
JPMorgan Chase raised its price target, reflecting higher expectations for the company's valuation. Optimism regarding Twilio's artificial intelligence communications strategy also supported the upward price movement.
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