Guggenheim raised the firm’s price target on Cloudflare (NET) to $140 from $117 and keeps a Sell rating on the shares. Following the company’s “strong” Q4 top line results, with New ARR accelerating for the seventh consecutive quarter, the firm contends that “the top line results might be reminiscent of a glass of Barolo in Milan,” but “the bottom line results and guide seem more like boxed wine.” Perhaps the stock will grow into this valuation, but the firm remains Sell at this point, the analyst added.
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