Cloudflare price target lowered to $110 from $122 at Oppenheimer

Oppenheimer analyst Timothy Horan lowered the firm’s price target on Cloudflare to $110 from $122 and keeps an Outperform rating on the shares. Cloudflare reported solid Q1 results, but its reiterated revenue guidance implies a significant deceleration in the second half, the analyst tells investors in a research note. While management cited “prudence” and “mixed signals” on the macro as reasons for maintaining guidance and reassured investors it is not a repeat of 2022, Cloudflare’s trends on virtually all metrics sounded strong, Oppenheimer says.