Cloudflare price target raised to $82 from $66 at Citi

Citi raised the firm’s price target on Cloudflare to $82 from $66 and keeps a Neutral rating on the shares. Channel feedback for observability and DevOps names was encouraging, but the sharp run-up in the stocks “leaves an unnerving stock set-up” into the Q4 prints, the analyst tells investors in a research note. In rolling forward valuation frameworks, Citi increased price targets.