Cloudflare price target lowered to $148 from $170 at RBC Capital

RBC Capital lowered the firm’s price target on Cloudflare (NET) to $148 from $170 and keeps an Outperform rating on the shares after the company’s Investor Day presentation. The firm came away feeling good about the company’s vision and best-in-class management team as Cloudflare remains a top long-term growth pick for RBC, the analyst tells investors in a research note. Key themes of the event centered around an acceleration of product innovation, their evolving go-to-market strategy, durable financial positioning, AI strategy, and scaling the business beyond $5B in revenue, though the firm’s price target cut reflects peer-multiple compression, RBC added.