Cloudflare price target raised to $80 from $57 at Truist

Truist analyst Joel Fishbein raised the firm’s price target on Cloudflare to $80 from $57 and keeps a Buy rating on the shares. The company’s Q4 was better than expected despite an increasingly challenging macroeconomic environment with strength in its underlying business, significant operating leverage, and a record operating profit, the analyst tells investors in a research note.