Twilio (TWLO - Get Report)  rose Friday after RBC Capital Markets initiated coverage on the stock with an outperform rating and a $135 one-year price target on what it sees as "one of the most durable growth stories in software."

In a note initiating coverage on the company, RBC Capital analyst Alex Zukin said Twilio's customer service-focused communications offerings are "disrupting one of the largest pools of enterprise spend," adding that he sees both "long-term durable growth and upside to consensus revenue estimates."

Twilio, which provides cloud-based communication platforms for customer service use, including the ability for customers to chat online for customer support, last month unveiled a suite of tools and improvements called Twilio Conversations that analysts expect will see strong demand.

Twilio Conversations will allow companies to link together communications from multiple channels -- such as WhatsApp, WeChat and other instant messaging program -- into a single stream.

Shares of Twilio were up 3.71% to $114.38 on Friday.

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