Wells Fargo says this IT services stock can rally more than 40% from here

Cloudflare is poised for a big comeback going forward, according to Wells Fargo.

Analyst Andrew Nowinski upgraded the stock to overweight from equal weight, raising his price target to $65 from $62. The new target implies upside of 42% from Friday's close. He said the stock, which is down 65% this year, is at an attractive entry point as it gains market share and sees investments pay off while lowering costs through consolidation. He also said that a sign of the company's future health could come during its earnings call early next month.

He added that this is helping the stock long term, while also making a beneficial short term play through consolidation. Meanwhile, Nowinski pointed to increased satisfaction within the reseller community, a key focus for the company. "Cloudflare had the best overall results in our 3Q22 Reseller Survey and were +19% net positive . We believe the company is seeing strong demand for the Cloudflare One platform, as 26% of resellers noted Above Plan results ," he said.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CNBC /  🏆 12. in US

Ireland Latest News, Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

For Charlotte Wells, Memory Is an “Inextricable” Part of ‘Aftersun’The director's first film swept Cannes in May. Now, it's being hailed as a top debut in recent history—and for good reason.
Read more »

The War of the Worlds, by H. G. Wells - V: THE HEAT-RAY | HackerNoon“What ugly brutes!” he said. “Good God! What ugly brutes!” He repeated this over and over again. - sciencefiction novel
Read more »

The War of the Worlds, by H. G. Wells - VII: HOW I REACHED HOME | HackerNoonI felt foolish and angry. I tried and found I could not tell them what I had seen. They laughed again at my broken sentences. - sciencefiction novel
Read more »

The Time Machine, by H. G. Wells - VI. The Sunset of Mankind | HackerNoonThe Time Machine, by H. G. Wells, is part of the HackerNoon Books Series. You can jump to any chapter in this book here. VI. The Sunset of Mankind - sciencefiction timetravelfiction
Read more »

The War of the Worlds, by H. G. Wells - VI: THE HEAT-RAY IN THE CHOBHAM ROAD | HackerNoonIt is still a matter of wonder how the Martians are able to slay men so swiftly and so silently. - sciencefiction novel
Read more »