There's Long-Term Potential in Cloudflare Despite Near-Term Macroeconomic Fluctuations, Analyst Says
Portfolio Pulse from Anusuya Lahiri
RBC Capital analyst Matthew Hedberg has maintained an Outperform rating on Cloudflare, Inc (NYSE:NET) and raised the price target from $54 to $71. Despite near-term macroeconomic fluctuations, Hedberg sees long-term potential in the company. He expects a slight upside to estimates as the company continues to work through GTM changes. The price target boost reflects peer group multiple expansion as he continues to like the company's long-term opportunity.
July 31, 2023 | 7:49 pm
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Cloudflare, Inc's stock has been given an Outperform rating by RBC Capital analyst Matthew Hedberg, who also raised the price target from $54 to $71. This suggests a positive outlook for the company's stock.
The Outperform rating and raised price target by the RBC Capital analyst suggest a positive outlook for Cloudflare, Inc's stock. This could potentially lead to an increase in the stock's price in the short term.
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IMPORTANCE 80
RELEVANCE 100