Cloudflare double upgraded to Buy at BofA on differentiated approach to AI

As previously reported, BofA double upgraded Cloudflare (NET) to Buy from Underperform with a price target of $160, up from $60. The firm identifies two catalysts underpinning growth acceleration, namely a differentiated approach to AI and the company gaining momentum in network security, particularly Secure Access Service Edge. The firm places a “high probability” on Cloudflare becoming the leader in AI-as-a-Service, the analyst tells investors.