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Cloudflare stock outlook: Oppenheimer sees 17% upside

By: Invezz
cloudflare stock outlook oppenheimer analyst

Cloudflare Inc (NYSE: NET) has already rallied a whopping 80% over the past seven months but an Oppenheimer analyst still sees further gains ahead.

Cloudflare stock has upside to $85

On Tuesday, Timothy Horan upgraded the content delivery company to “outperform”. His $85 price objective suggests another 17% upside from here.

The Oppenheimer analyst turned bullish on Cloudflare stock today because he expects the New York listed firm to benefit from edge computing.

The company is well-positioned to offer edge compute at scale, consolidating compute/security/networking on one infrastructure enabling one common developer platform.

The said platform has seen interesting use cases and solid demand since its inception some two months ago. Earlier this month, Anonymous Sudan – a highly prolific threat group said it was behind the sophisticated DDoS campaign that recently took down Cloudflare’s website.

🚨🚨 New Video Released

Anonymous Sudan released a new video informing people that @Cloudflare is no longer able to protect them. This is in reference to them finding an exploit in the Cloudflare service that allows them to bring it down. Cloudflare is known as the leader in…

— Hacker Thread (@hackerthread) November 18, 2023
Cloudflare could benefit from AI tailwinds

Timothy Horan recommends owning Cloudflare stock also because it is well-positioned to benefit from the rapid growth in artificial intelligence. His research note reads:

It is also deploying AI infrastructure on this platform called Workers AI and is partnering with some of the largest technology companies.

The Oppenheimer analyst is convinced that the AI tailwinds will help the California-based company overcome concerns related to free cash flow and gross margin compression.

Watch here:

His bullish note arrives only weeks after Cloudflare reported market-beating results for its fiscal third quarter. The cloud stock still declined because the management issued full-year guidance that slightly missed consensus estimates.

The post Cloudflare stock outlook: Oppenheimer sees 17% upside appeared first on Invezz

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