Cloudflare price target raised to $275 from $230 at Truist

Truist analyst Joel Fishbein raised the firm’s price target on Cloudflare (NET) to $275 from $230 and keeps a Buy rating on the shares. The company reported strong Q3 results driven by continued momentum in its largest size customer cohort – $1M-$5M, strong go-to-market execution, and the success of SASE, Zero-Trust, and AI inference products, the analyst tells investors in a research note. Truist adds that it continues to see upside to Cloudflare’s FY25 estimates that are underpinned by deepening product adoption, reflecting Cloudflare’s unique positioning at the intersection of AI, security, and the emerging agentic web, the firm added.