Wells Fargo analyst Andrew Nowinski has reiterated their bullish stance on NET stock, giving a Buy rating on July 16.
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Andrew Nowinski has given his Buy rating due to a combination of factors, including Cloudflare’s robust growth trajectory and strong performance in securing large deals. The company is anticipated to deliver a solid performance in the upcoming quarter, supported by significant agreements and an increase in demand for its core CDN products, which are essential for DDoS protection.
Furthermore, the demand for Cloudflare’s Workers platform is on the rise, highlighted by a landmark $130 million deal, which was a competitive win over a major player like AWS. This deal, being consumption-based, suggests potential for further expansion. Additionally, there is an expectation that Cloudflare will raise its FY25 guidance if it surpasses its revenue targets, reinforcing the positive outlook and justifying the Buy rating.
According to TipRanks, Nowinski is a 5-star analyst with an average return of 16.8% and a 55.63% success rate. Nowinski covers the Technology sector, focusing on stocks such as Zscaler, Check Point, and Gen Digital.
In another report released on July 16, Mizuho Securities also upgraded the stock to a Buy with a $220.00 price target.