Morgan Stanley significantly increased its price target for Cloudflare this week. Truist Financial raised its price target to $250 from $225. Truist reiterated its buy rating on the stock, while Barclays also maintained its buy rating.
These optimistic revisions follow Cloudflare’s June 9 Investor Day. Management highlighted massive growth in AI-related traffic across its network during the event.
Zacks analysts cited solid earnings estimate revisions as a primary reason for potential near-term stock appreciation.