Cloudflare price target raised to $110 from $105 at Wells Fargo

Wells Fargo raised the firm’s price target on Cloudflare (NET) to $110 from $105 and keeps an Overweight rating on the shares. Wells noted that the company traded down 6% after hours despite reporting “strong” Q3 earnings results, due to management talking about deals slipping out of the quarter, but added that the stock “seemed to recover when management discussed the growth from ‘pool of funds’ customers and Gen AI.” Cloudflare said that “pool of funds” deals accounted for 10% of new ACV this quarter, the analyst told investors in a research note.