RBC Capital analyst Matthew Hedberg raised the firm’s price target on Cloudflare to $71 from $54 and keeps an Outperform rating on the shares ahead of its Q2 results. The firm remains mindful around the near-term choppy macro and longer sales cycles, but the longer-term thematic story on the stock remains intact, the analyst tells investors in a research note. RBC is looking for slight upside to estimates, the revised go-to-market strategy, and level of potential conservatism around last quarter’s reduced 2023 outlook, the firm added.
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