Cloudflare price target lowered to $55 from $75 at Wells Fargo

Wells Fargo analyst Andrew Nowinski lowered the firm’s price target on Cloudflare to $55 from $75 and keeps an Overweight rating on the shares. Management lowered FY23 guidance by 4%, and while management saw longer-than-expected sales cycles, they also terminated more than 100 underperforming salespeople, which likely contributed to the guide down, the analyst tells investors in a research note.