Cloudflare price target lowered to $61 from $80 at KeyBanc

KeyBanc analyst Thomas Blakey lowered the firm’s price target on Cloudflare to $61 from $80 and keeps an Overweight rating on the shares. Cloudflare missed Q1 top line and guided Q2 and 2023 lower due to deteriorating sales cycles in March, which have not improved or worsened in April, the analyst tells investors in a research note. The set up for Cloudflare is increasingly conservative, the firm notes.