Cloudflare Inc. (NET) PT Raised to $111 at Guggenheim

Guggenheim analyst John DiFucci raised the price target on Cloudflare Inc. (NYSE: NET) to $111.00 (from $70.00) while maintaining a Sell rating.

The analyst commented: "NET reported impressive results with improving business momentum when not many are. This is a great story, with the highest multiple in our coverage universe by far. We’ve had Buys on stocks at these levels before, but their characteristics were more favorable. While investors value stocks based on their perception of the future, risk also comes with that perception, which seems to be ignored in this case—just like it was in 2021, the last time the stock approached these levels—before it declined 77%. We try to understand how to get here. We can’t—reasonably. Even assuming continued New ARR acceleration through the rest of this year and hyper growth in the next two, we get to a price target [of $111 which we are raising from $70] that’s 47% below the current after-hours price."

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