Morgan Stanley analyst Hamza Fodderwala upgraded Cloudflare (NET) to Overweight from Equal Weight with a price target of $130, up from $92. The firm believes Cloudflare can sustain, if not accelerate, sales growth over the next few years given multiple product cycles, improving sales execution and emerging tailwinds as an edge artificial intelligence network. A “premium valuation is warranted for premium growth,” the analyst tells investors in a research note.
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