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Cloudflare price target raised to $230 from $175 at Stifel

Stifel raised the firm’s price target on Cloudflare (NET) to $230 from $175 and keeps a Buy rating on the shares following what the firm calls a “strong” fiscal Q2 print “across the board.” Adding that Cloudflare guided Q3 above consensus and raised fiscal year guidance by more than the beat, the firm argues that “this print continued to tick many, if not all, of the greenshoots/opportunities” that the firm had previously highlighted in its upgrade note from December.

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