Cloudflare price target raised to $89 from $45 at Goldman Sachs

Goldman Sachs analyst Gabriela Borges raised the firm’s price target on Cloudflare to $89 from $45 and keeps a Sell rating on the shares. The company reported solid Q4 results with a path to more progress in security and up market, but the stock’s valuation already reflects the bull case, the analyst tells investors in a research note. The firm cites company-specific improvements and higher peer multiples for the target increase. While incrementally positive on the stock, Goldman maintains a Sell rating as it believes Cloudflare’s valuation already reflects a bull case scenario.