Piper Sandler analyst James Fish upgraded Cloudflare Inc. (NYSE: NET) from Neutral to Overweight with a price target of $222.00.

The analyst comments: "We have long-viewed Cloudflare as one of our favorite long-term stories given where infrastructure is heading, Cloudflare's execution, & the power of this true platform approach. A great entry point has been hard to come by given this, but we see the recent pullback as a window to get involved. Our upgrade is based on: 1) Cloudflare's infrastructure positioning across multiple growth opportunities across Delivery, AppSec, NaaS, SASE, IaaS, AIaaS; 2) 1Q26 inputs are solid, though we expect '26 guide to be reiterated as normal; 3) the landscape is shifting more towards EDPs, with Cloudflare a dominant player here with strong LLM relationships that should see it benefit from AI adoption. This does have high- expectations that likely needs to see growth compound at least in the high-20s for multiple years, though confidence in this is driven by RPO growth & coverage-ratios."

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Shares of Cloudflare Inc. closed at $178.65 yesterday.