Goldman Sachs raised the firm’s price target on Cloudflare (NET) to $77 from $72 and keeps a Sell rating on the shares. The company reported a “mixed” Q3, and the management noted that several larger deals in the Americas slipped into Q4 as a function of its 2024 leadership changes, the analyst tells investors in a research note. Goldman adds however that it is maintaining a Sell rating as it believes that upleveling the sales force to capture both an enterprise opportunity and an expanded product opportunity with Security will take time and not be linear.
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