Wells Fargo upgraded Twilio (NYSE:TWLO) to Overweight from Equal Weight, while downgrading Sprinklr (CXM) Five9 (FIVN).

Analysts led by Michael Turrin said they favor ServiceNow (NOW) over Salesforce (CRM) in large cap and Twilio over Five9 in small and midsize enterprises.

The analysts added that ServiceNow is

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