Cloudflare price target raised to $120 from $90 at Truist

Truist analyst Joel Fishbein raised the firm’s price target on Cloudflare to $120 from $90 and keeps a Buy rating on the shares. The company reported “solid” Q4 results amid a stabilizing macroeconomic environment, beating Street expectations on the top line while displaying significant operating leverage and delivering strong operating profit and free cash flow, the analyst tells investors in a research note.