Cloudflare price target raised to $122 from $85 at Oppenheimer

Oppenheimer raised the firm’s price target on Cloudflare to $122 from $85 and keeps an Outperform rating on the shares. Cloudflare’s Q4 revenue was up 32% year-over-year, a 350 basis point beat, and Enterprise customer count continued to grow at a high rate, the analyst tells investors in a research note. Cloudflare has a unique and valuable global cloud platform with growth now set to accelerate, Oppenheimer says.