Wells Fargo raised the firm’s price target on Cloudflare (NET) to $150 from $135 and keeps an Overweight rating on the shares. The firm notes that Cloudflare is a Top Pick for 2025. Shares are up 16% year-to-date as it has been one of the top performers in all software, though shares now trade at about 16-turns EV/2026 Sales. The checks for Q4 were strong, and if the company can exit Q4 at a 26% year-over-year growth rate, Wells would expect the initial 2025 guidance to be in the +25% year-over-year range, roughly in line with the Street.
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