Truist Securities Upgrades Cloudflare Inc. (NET) to Buy; Checks Show Broad-Based Strength in NET's Business
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(Updated - March 24, 2021 7:27 AM EDT)
Truist Securities analyst Joel Fishbein Jr. upgraded Cloudflare Inc. (NYSE: NET) from Hold to Buy, PT $110 (from $75.00).
The analyst comments "Our conversations with customers indicate broad-based strength in NET's business, with newer solutions like Teams now starting to drive new customer growth in addition to increased upsell opportunity, likely leading to upside to current consensus estimates. The company is also seeing strong attach rates in the Workers product and solid expansion of customers in its core solutions. We see many avenues for growth for the company with their best-in-class technology assets and unique global network. We raise our estimates and move our rating from a Hold to a Buy and PT from $75 to $110."
Shares of Cloudflare Inc. closed at $72.76 yesterday.
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