Why Cloudflare Stock Zoomed Higher on Wednesday
Internet infrastructure specialist Cloudflare's (NYSE: NET) stock easily surmounted the hump of Hump Day. The company's share price enjoyed a nearly 4% lift on the day, comparing favorably to the slight decline of the S&P 500 index, on the back of an analyst price target raise.
The raiser was Baird prognosticator Shrenik Kothari, who before market open Wednesday raised his Cloudflare price target to $64 per share. This was well up from his previous $59 estimation. The move was not accompanied by a recommendation change; Kothari still rates the shares an outperform (buy, in other words).
It wasn't immediately clear why the analyst made his adjustment to the specialty tech stock. He's hardly alone in thinking that Cloudflare has a sunnier future ahead of it. The company should continue to do well in a world in which ever more computing power is required by many types of businesses and individuals.
Source Fool.com
