Cloudflare price target raised to $132 from $94 at KeyBanc

KeyBanc raised the firm’s price target on Cloudflare to $132 from $94 and keeps an Overweight rating on the shares. Clouflare’s Q4 earnings beat and guidance for CY24 and Q1 were relatively in line, the analyst tells investors in a research note. Improved positioning exiting CY23, possible increased Federal/Public business as a percentage of sales, and accelerating cRPO support upside potential to 2024 initial guidance, the firm adds.