Cloudflare price target raised to $70 from $60 at RBC Capital

RBC Capital analyst Matthew Hedberg raised the firm’s price target on Cloudflare to $70 from $60 and keeps an Outperform rating on the shares. The analyst cites the company’s Q4 earnings beat and guidance raise, and while the outlook poses questions "on the level of conservatism", at this point, the firm is "okay" with the management’s initial assumptions, the analyst tells investors in a research note. RBC also states that it remains bullish on the "disruptive nature" of Cloudflare platform that is pursuing a large opportunity.