Why Cloudflare Stock Rallied Friday Morning
Shares of Cloudflare (NYSE: NET) were trading sharply higher on Friday, climbing as much as 8.2%. As of 12:47 p.m. ET, the stock was still up 8%.
Overall, the market was higher, which no doubt provided fuel for its ascent, but the cloud computing company was also on the receiving end of an upgrade and some less bearish commentary courtesy of a Wall Street analyst.
Guggenheim analyst John DiFucci upgraded Cloudflare to neutral (hold) from sell, while simultaneously assigning a price target of $7. That suggests the stock still has downside of as much as 82% compared to Thursday's closing price. This analyst is the most bearish among his Wall Street peers, as the stock has a consensus price target of $55, so his view should be considered in that context.
Source Fool.com
