As previously reported, Oppenheimer downgraded Cloudflare (NET) to Perform from Outperform. The firm notes the company reported solid Q4 results of 27% revenue growth and 14.6% operating income margins, a 200 and 360 bps beat. Revenue has decelerated from 30% in the first half of 2024 and will bottom next year. Guidance of 24% revenue growth in Q4 and 25% for full year were in line with Oppenheimer’s expectations. The firm is moving to the sidelines as its discounted cash flow does not currently support a $180-plus price target
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