Cloudflare assumed with an Outperform at Oppenheimer

Oppenheimer analyst Param Singh assumed coverage of Cloudflare (NET) with an Outperform rating with a Street-high price target of $300, up from $260. The firm believes the company is demonstrating continued success from cross selling its workers platform and newer security modules across its customer base, which is driving strong DBNRR expansion. Further, the sales team under the leadership of Mark Anderson has a two-pronged approach to address both large enterprises and grassroots developers simultaneously, a strategy Oppenheimer sees as highly prudent and one that is starting to bear fruit. The firm is confident in the company’s ability to exceed its Q4 revenue guidance and deliver an over 30% revenue CAGR faster than investor expectations.