BofA raised the firm’s price target on Cloudflare (NET) to $255 from $240 and keeps a Buy rating on the shares after the company reported a “strong” Q3 and gave Q4 revenue growth guidance beating Street expectations by 200 basis points. Outperformance is driven by strong, continued traction with large customers adopting Act 1 through Act 3 products, as well as improvements in sales productivity, says the analyst, who increased estimates to reflect the improved business trends.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on NET:
- Cloudflare price target raised to $280 from $240 at Mizuho
- Cloudflare price target raised to $249 from $224 at Piper Sandler
- Cloudflare price target raised to $245 from $240 at UBS
- Cloudflare’s Strong Performance Offset by High Valuation and Executive Departure, Leading to Hold Rating
- Cloudflare’s Strategic Shift and Growth Trajectory Justify Buy Rating