Analyst Joseph Bonner of Argus Research maintained a Buy rating on Cloudflare (NET – Research Report), with a price target of $205.00.
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Joseph Bonner has given his Buy rating due to a combination of factors influencing Cloudflare’s performance and potential. The company has shown a notable improvement in profitability, supported by a strategic restructuring of its sales team, which has begun to yield results by attracting high-value enterprise customers. This comes amid a broader improvement in the macroeconomic environment, which could further enhance Cloudflare’s business prospects.
Furthermore, Cloudflare’s expansion into generative AI offerings positions it well to cater to the growing demand in this area, reinforcing its competitive edge. The company is also actively broadening its addressable market with new product enhancements, which remains largely untapped. Despite some confusion in its market narrative, Cloudflare’s comprehensive technology platform and its rebranding efforts as a ‘connectivity company’ add to its appeal for long-term investors.
Bonner covers the Technology sector, focusing on stocks such as Oracle, Palo Alto Networks, and MongoDB. According to TipRanks, Bonner has an average return of 15.0% and a 67.67% success rate on recommended stocks.
In another report released on February 7, Needham also maintained a Buy rating on the stock with a $185.00 price target.