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Fly News Breaks for October 8, 2019
NET
Oct 8, 2019 | 06:51 EDT
RBC Capital analyst Matt Hedberg initiated Cloudflare with an Outperform rating and a price target of $20. The analyst is positive on the company's total addressable market, extensive global reach, the "unique opportunity" around the "collapsing" network/security stack, and its scaling financial profile in SaaS. Hedberg adds that at a 10.3-times multiple in enterprise value to expected 2021 sales, the valuation on the stock is "attractive" relative to its peer group's 11.8-times average multiple.
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