RBC Capital lowered the firm’s price target on Cloudflare to $70 from $75 and keeps an Outperform rating on the shares ahead of its Q3 results. Key catalysts from the quarter could include additional macro stabilization, solid new ACV bookings including newer products, good pipeline generation, shorter sales cycles, lapping crypto headwinds and improved rep productivity, the analyst tells investors in a research note. The firm adds however that its price target cut is due to slightly lower 2024 revenue estimates and peer-group multiple compression.
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