Cloudflare price target raised to $80 from $59 at KeyBanc

KeyBanc analyst Thomas Blakey raised the firm’s price target on Cloudflare to $80 from $59 and keeps an Overweight rating on the shares following the quarterly results. During the current soft macro, Cloudflare’s cadence of near-term beats and raises seen in years past is likely to be more in line or slight beats as seen in the last couple quarters, and KeyBanc would expect a possible reacceleration in top-line growth over the intermediate term, the analyst tells investors in a research note.