古根海姆在第二季度业绩强劲后提高目标，Cloudflare上涨，前景展望

2024-08-02 20:59

Cloudflare (NYSE:NET) was in focus on Friday after the cybersecurity company posted second-quarter results and guidance that were better-than-expected, prompting research firm Guggenheim to up its price target.
Shares rose 6.5% in premarket trading.
"Cloudflare’s 2Q24 results look like what appears to be a positive inflection point in its business, reversing direction after momentum deteriorated for over a year," analyst John DiFucci wrote in an investor note. DiFucci noted that adjusted new annual recurring revenue grew 11% after declines in the prior two quarter and that business momentum improved for the first time in six quarters. The uptick was largely attributed to changes and growth in the go-to-market strategy, as well as an increase in the number of deals that included Cloudflare Workers.
"From the start of our association with this company, we had admired its vision and product roadmap, but wondered if its product-led GTM methodology might require a more traditional approach, especially as it moved up market," DiFucci added. "We still believe a product-led approach is warranted, but the nuance of selling to the enterprise is not simply a metrics led effort. At the same time, we realize that one quarter does not make a trend, but we appreciate this team’s efforts and are impressed with the results this period."
DiFucci kept his Sell rating but upped his price target to $57 from $50.

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