Cloudflare price target lowered to $40 from $43 at Guggenheim

Guggenheim analyst John DiFucci lowered the firm’s price target on Cloudflare to $40 from $43 and keeps a Sell rating on the shares. After the company provided Q2 guidance 4.5% below Street estimates and lowered 2023 revenue guidance by 4%, management talked about being "prudent" and "thoughtful" around guidance, which "might make some investors think full year guidance is de-risked," but it looks to Guggenheim "that they may have to lower guidance again," the analyst said.