Oppenheimer raised the firm’s price target on Cloudflare (NET) to $200 from $165 and keeps an Outperform rating on the shares after speaking with Phil Winslow, Cloudflare’s VP of Strategic Finance & Investor Relations. The firm came away incrementally bullish on Cloudflare’s growth opportunity, driven by SASE security — aided by Magic WAN adoption and continued improvement in security capabilities around CASB and DLP; Worker — expanding features have increased traction with developers who appreciate the shift-left model; and Focus on AI workloads — new AI-focused edge compute technologies such as MCP and A2A, as well as a new container service for AI workloads. Oppenheimer is particularly confident in the company’s ability to deliver out-performance to expectations for CY25, re-accelerate top line to over 30%, and attain its $5B ARR target exiting CY28.
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