Cloudflare price target raised to $124 from $80 at Argus

Argus raised the firm’s price target on Cloudflare to $124 from $80 and keeps a Buy rating on the shares. The stock has been volatile as investors’ view of marginally profitable and unprofitable Technology start-ups has soured amid rising interest rates, but the company has responded by dramatically improving profitability even while comprehensively restructuring its sales team, the analyst tells investors in a research note.