JP Morgan Maintains Neutral on Cloudflare, Raises Price Target to $90
Portfolio Pulse from Benzinga Newsdesk
JP Morgan analyst Mark Murphy has maintained a Neutral rating on Cloudflare (NYSE:NET) while raising the price target from $53 to $90. This adjustment reflects a more optimistic outlook on Cloudflare's future performance.
February 09, 2024 | 8:01 pm
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POSITIVE IMPACT
JP Morgan maintains a Neutral stance on Cloudflare but increases the price target from $53 to $90, indicating a positive reassessment of the company's value.
The increase in price target from $53 to $90 by a reputable analyst firm like JP Morgan suggests a significant positive reassessment of Cloudflare's market position and future growth prospects. This is likely to be viewed positively by the market, potentially leading to a short-term increase in the stock price. The Neutral rating indicates that while JP Morgan sees improved prospects, they might still have some reservations, possibly related to valuation or market conditions.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100