Cloudflare price target lowered to $80 from $105 at Macquarie

Macquarie lowered the firm’s price target on Cloudflare to $80 from $105 and keeps a Neutral rating on the shares. Cloudflare maintained FY24 guidance despite a “strong quarter,” which reflects mixed macro and geopolitical uncertainty and was “a disappointing outcome,” the analyst tells investors in a post-earnings note.