RBC Capital analyst Matthew Hedberg attributes the recent rally in shares of Cloudflare (NET) to investors making a “derivative call” around an increase in AI workloads, including Anthropic’s Claude Code and Cowork as well as a new open-source AI assistant, Clawdbot. While Anthropic’s Claude Code and Cowork as well as Clawdbot are “not likely needle movers” for Cloudflare in the short-term, the continued growth of AI agents benefits Cloudflare and its Workers platform, the analyst tells investors in a research note. RBC believes Cloudflare is a “Tier 1 AI winner through its inferencing opportunity, Workers platform, and more recently its pay-per-crawl opportunity.” It keeps an Outperform rating on the shares with a $265 price target The stock in early trading is up 13% to $214.33.
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