Cloudflare Inc. (NET) PT Raised at Piper Sandler; 'We'd Be Constructive On A Pullback'

Piper Sandler analyst James Fish raised the price target on Cloudflare Inc. (NYSE: NET) to $249.00 (from $224.00) while maintaining a rating.

The analyst commented: "Bar Not Too High | Cloudflare Defies Gravity through "Wicked" Execution; Just when one would think the bar couldn't get higher, Cloudflare found a way to exceed expectations as RPO accelerated once again, net-customer count was impressive (particularly upmarket), it was a record ACV bookings quarter, sales capacity and productivity are up, NRR expanded 5% Q/Q, and Cloudflare is winning in the markets that matter like AI, SASE, and AI 'paywall'. While some may point out that cRPO is not accelerating, GPM came in lower, and President Desai's departure could slow enterprise growth, Cloudflare is showing why it is one of the most impressive infrastructure names in our coverage that is maintaining persistent growth across Acts. We think this is one of the best assets for long-term focused investors, but still find ourselves sidelined given the +1x EV/Rev/Growth being too rich for us. We'd be constructive on a pullback. Neutral, PT to $249."

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