RBC Capital lowered the firm’s price target on Cloudflare to $90 from $108 but keeps an Outperform rating on the shares. The company’s investor day has left the firm “feeling good” about its long-term growth trajectory, with the largest opportunity coming from market share gains in the enterprise and AI adoption, the analyst tells investors in a research note. Macros have remained consistent, and the management feels better about their market position, though the firm is reducing its price target to reflect peer multiple compression, RBC added.
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