Cloudflare price target raised to $99 from $60 at Stifel

Stifel analyst Adam Borg raised the firm’s price target on Cloudflare to $99 from $60 and keeps a Hold rating on the shares after the company reported what the firm calls “a strong Q4 print and beat all key metrics,” including the company “delivering the largest top-line beat above guidance since F2Q20.” The firm continues to “warm up to Cloudflare” and believes Cloudflare has a number of drivers to deliver 25%-30%-plus growth and operating margin expansion.