Cloudflare price target lowered to $140 from $148 at RBC Capital

RBC Capital analyst Matthew Hedberg lowered the firm’s price target on Cloudflare (NET) to $140 from $148 and keeps an Outperform rating on the shares as part of a broader research note previewing Q1 results in Software. The analyst notes that while the 90-day pause on reciprocal tariffs may offer some short-term relief, software buying cycles are cloudier than they were a few months ago with the on-again/off-again tariff rhetoric, also stating that the delay may have only “kicked the can down the road.” RBC adds that as such, it is conservatively reducing its estimates, and while the firm still sees buying opportunities, it also believes that it is difficult to have high conviction until signs of broader macro stability emerge.