Benzinga | Jan 21, 2022 11:06AM EST

Credit Suisse Cuts Cloudflare Price Target By 32%

* Credit Suisse analyst Phil Winslow upgraded Cloudflare Inc (NYSE:NET) to Outperform from Neutral with a price target of $140, down from $205, implying an upside of 49%.

* Winslow sees Cloudflare sustain significant revenue growth, within the high 40% to +50% range, for multiple years.

* Winslow's expectations grew from differentiated serverless architecture, efficient and rapidly expanding global network, cloud-native approach for integrated network, application, Zero Trust services, and emerging opportunity and strong positioning in edge computing.

* Price Action: NET shares traded higher by 0.59% at $93.96 on the last check Friday.