Stock Track | Cloudflare Soars 5.06% Intraday as RBC Reaffirms Outperform Rating Citing Strong AI Positioning

Stock Track05-30

Cloudflare, Inc. (NET) experienced a significant intraday surge of 5.06% on Friday, marking a strong performance for the cybersecurity and web infrastructure company.

The rally was primarily driven by RBC Capital Markets reaffirming its Outperform rating and $240 price target on Cloudflare. The investment bank highlighted the company's favorable positioning in the AI agent space, noting that multiple frontier large language models are currently leveraging Cloudflare's services. RBC further stated that Cloudflare is on track to achieve its 2028 revenue target of $5 billion ahead of schedule.

This positive analyst outlook helped the stock recover from earlier weakness this week, which was triggered by the company's decision to cut approximately 20% of its global workforce and second-quarter revenue guidance that fell slightly below consensus expectations.

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