Cloudflare price target lowered to $59 from $67 at Baird

Baird analyst Shrenik Kothari lowered the firm’s price target on Cloudflare to $59 from $67 and keeps an Outperform rating on the shares. The analyst said his target moved lower following its guidance cut due to elongating sales cycles, which led to decreased close rates, impacting installed base expansion rates.The company is currently revamping its sales force and implementing GTM changes for long-term benefits.