Mizuho upgraded Cloudflare (NET) to Outperform from Neutral with a price target of $135, down from $140. The firm’s recent channel checks on Cloudflare were more favorable than expected, and included strengthening pipelines, large-deal activity, and growing traction with Workers AI. The company possesses “highly scalable architecture and a culture of strong innovation,” says the analyst, who is bullish on Cloudflare’s artificial intelligence inferencing opportunity. Mizuho now has “a little more confidence in the multi-year acceleration story” at Cloudflare. With the shares having declined 38% since mid-February, it finds the risk/reward attractive.
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