Cowen analyst J. Derrick Wood notes that many users have been migrating to private messaging platform Signal, which is now trending as the top free iOS app in terms of downloads in the U.S., due to Facebook (FB) announcing plans to share data between WhatsApp and the core Facebook platform. Twilio (TWLO) powers new user authentication and password resetting for WhatsApp, but his checks indicate that Twilio also powers new user verifications for Signal, the analyst tells investors. Wood, who thinks the recent activity will be an “incremental net positive” for Q1 revenue for Twilio, has an Outperform rating and $420 price target on the shares.