Cloudflare price target lowered to $80 from $88 at Bernstein

Bernstein lowered the firm’s price target on Cloudflare (NET) to $80 from $88 and keeps a Market Perform rating on the shares following the company’s Q3 earnings report. While the firm noted that Cloudflare delivered a “normal” beat of 1.6% over mid-point guidance, it was still a a “decelerating growth story,” and FY24 guidance being raised less than the beat “didn’t offer a signal that the growth would stop decelerating here.”