Piper Sandler analyst James Fish lowered the firm’s price target on Cloudflare to $81 from $110 and keeps a Neutral rating on the shares. Despite a largely positive quarter that signaled upmarket strength and longer and larger commitments to Cloudflare, the lack of fiscal 2024 upside, weaker billings and lower implied Q4 exit-rate are causing pressure on the shares, the analyst tells investors in a research note.
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