(Updates with BofA Securities' commentary.)
BofA Securities upgraded Cloudflare (NET) to buy from underperform and raised its price target to $160 from $60 on "different AI [artificial intelligence] offering, security momentum."
The brokerage placed "a high probability" on the firm leading the "AI-as-a-Service" (AIaaS) market, which BofA expects will be "the AI consumption method of choice for Enterprises."
Cloudflare's "strong growth profile, strength in security" and AI potential should push revenue growth to over 30% by 2028, BofA said in its note.
Cloudflare has an average rating of overweight and mean price target of $147.08, according to analysts polled by FactSet.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 127.31, Change: +3.38, Percent Change: +2.72
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