Analysts mainly bumped up price targets on Cloudflare Inc (NYSE:NET) post Q4 results.
- KeyBanc analyst Thomas Blakey raised the firm's price target on Cloudflare to $150 from $132 (34% upside) and kept an Overweight rating on the shares.
- Blakey views Cloudflare as a disruptor of vast markets, including network services and zero-trust security, and as an innovator in areas such as serverless computing.
- Accel Q4 metrics and continued strong gross margins, Blakey adds.
- Mizuho analyst Gregg Moskowitz raised the price target to $135 from $120 (20.5% upside) and kept a Neutral rating on the shares.
- The analyst says the company reported a "very good" Q4 and 2022 revenue outlook.
- However, even with a recent material correction, Cloudflare's valuation largely discounts its strong platform growth in the future, Moskowitz notes.
- Baird analyst Jonathan Ruykhaver lowered the price target on Cloudflare to $130 from $210 (16% upside) and kept a Neutral rating on the shares.
- The analyst continues to believe Cloudflare is in the early innings of its opportunity as it continues to add to a strong product portfolio rapidly and works to move upmarket.
- Morgan Stanley analyst Keith Weiss maintained Cloudflare with an Equal-Weight and raised the price target from $91 to $100 (10.7% downside).
- Price Action: NET shares traded lower by 3.48% at $111.93 on the last check Friday.
