Cloudflare price target lowered to $75 from $95 at Credit Suisse

Credit Suisse analyst Sami Badri lowered the firm’s price target on Cloudflare to $75 from $95 and keeps an Outperform rating on the shares. The firm notes Cloudflare reported revenue growth of 36.8% year-over-year versus consensus expectations of 37.1% year-over-year and free cash flow well-above consensus, but experienced significant sales cycle elongation, particularly in expansion deals, and an underperforming portion of the salesforce pressured growth, resulting in below-consensus Q2 and full year 2023 revenue guidance.