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Cloudflare price target raised to $111 from $70 at Guggenheim

Guggenheim raised the firm’s price target on Cloudflare (NET) to $111 from $70 and keeps a Sell rating on the shares, stating that the company reported “impressive results with improving business momentum.” However, even assuming continued New ARR acceleration through the rest of this year and hyper growth in the next two, the firm notes that it arrives at a price target that is 47% below the after-hours price at which the stock was trading post-earnings.

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