U.S. Markets closed
  • S&P 500

    4,662.85
    +3.82 (+0.08%)
     
  • Dow 30

    35,911.81
    -201.79 (-0.56%)
     
  • Nasdaq

    14,893.75
    +86.95 (+0.59%)
     
  • Russell 2000

    2,162.46
    +3.02 (+0.14%)
     
  • Crude Oil

    84.30
    +0.48 (+0.57%)
     
  • Gold

    1,818.90
    +2.40 (+0.13%)
     
  • Silver

    23.03
    +0.12 (+0.51%)
     
  • EUR/USD

    1.1414
    -0.0001 (-0.0114%)
     
  • 10-Yr Bond

    1.7720
    +0.0610 (+3.57%)
     
  • Vix

    19.19
    -1.12 (-5.51%)
     
  • GBP/USD

    1.3641
    -0.0039 (-0.2851%)
     
  • USD/JPY

    114.6000
    +0.4000 (+0.3503%)
     
  • BTC-USD

    42,227.11
    -786.76 (-1.83%)
     
  • CMC Crypto 200

    1,015.03
    -10.70 (-1.04%)
     
  • FTSE 100

    7,611.23
    +68.28 (+0.91%)
     
  • Nikkei 225

    28,333.52
    +209.24 (+0.74%)
     

Piper Sandler Considers Cloudflare As Fairly Valued, Downgrades To Neutral

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • 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.

Latest Ratings for NET

Oct 2021

Piper Sandler

Downgrades

Overweight

Neutral

Oct 2021

Wells Fargo

Initiates Coverage On

Equal-Weight

Sep 2021

Oppenheimer

Downgrades

Outperform

Perform

View More Analyst Ratings for NET
View the Latest Analyst Ratings

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.