Bernstein lowered the firm’s price target on Cloudflare (NET) to $136 from $146 and keeps a Market Perform rating on the shares. The firm notes Cloudflare’s Q1 earnings fell flat, as earnings “just” delivered a roughly consistent year-over-year growth rate relative to Q4, and NRR fell to 118%. While this was a “normal” beat vs. guide, there was some hope for acceleration after strength in other Cloud Native consumption infrastructure seen in AWS (AMZN) or Datadog (DDOG), Bernstein adds.
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