Cloudflare price target lowered to $54 from $70 at RBC Capital

RBC Capital analyst Matthew Hedberg lowered the firm’s price target on Cloudflare to $54 from $70 and keeps an Outperform rating on the shares. The company’s quarter was pressured by macro headwinds and investor focus will be on the reduced revenue outlook, the analyst tells investors in a research note. RBC adds however that overall, Cloudflare remains a disruptive SaaS asset with numerous long-term drivers.