Piper Sandler lowered the firm’s price target on Cloudflare (NET) to $220 from $249 and keeps a Neutral rating on the shares. The firm is lowering multiple to 22-times sales. Piper still views it as best-in-class infrastructure and a decent setup for 2026 guide, but says that valuation at 1-time EV/Revenue/Growth already gives a lot of credit.
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