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Piper Sandler Considers Cloudflare As Fairly Valued, Downgrades To Neutral

Piper Sandler analyst James Fish downgraded Cloudflare (NYSE:NET) to Neutral from Overweight with a price target of $141, up from $125, implying an…
byAnusuya Lahiri
October 11, 2021
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  • Piper Sandler analyst James Fish downgraded Cloudflare (NYSE:NET) to Neutral from Overweight with a price target of $141, up from $125, implying an upside of 0.96% based on the October 8 closing price of $139.66.
  • The stock has to “grow into its valuation at this time” as expectations are already embedding 50% growth, despite a likely 40% starting point guide for 2022, Fish notes. 
  • Cloudflare “is a secular powerhouse, and we would be constructive at a lower valuation,” Fish adds.
  • Last month Oppenheimer downgraded the stock due to intensifying competition from Microsoft Corp (NASDAQ:MSFT) and Amazon.com Inc (NASDAQ:AMZN).
  • Price Action: NET shares traded lower by 2.30% at $136.45 in the premarket session on the last check Monday.
 
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