JPMorgan raised the firm’s price target on Cloudflare (NET) to $115 from $110 and keeps a Neutral rating on the shares. The company reported an “objectively fine and normal” Q4, with strong execution and growth at scale, but did not seem to surpass seasonality posted in Q4 of last year and exhibited lower sequential growth, despite deals slipping from Q3 into the recently-completed Q4, the analyst tells investors in a research note. The firm says that even with modest revenue deceleration, some gross margin compression, revenue guidance that is light for Q1, and a fiscal 2025 operating income guide-below, the shares are “climbing from an already rich valuation.”
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