Cloudflare price target lowered to $57 from $80 at Truist

Truist analyst Joel Fishbein lowered the firm’s price target on Cloudflare to $57 from $80 and keeps a Buy rating on the shares as part of a broader research note on Infrastructure & Security Software. With macro uncertainty running high, a more conservative posture is warranted as investors need to be selective in the group, the analyst tells investors in a research note. Fishbein further states that the valuation of software stocks remains highly sensitive to interest rate shifts and Fed policy, though he still believes that 2023 will be more of a stock pickers market than in recent years.