Cloudflare's (NET) security and developer expansion, supported by its ease of adoption and leadership additions, is expected to drive long-term growth beyond its 25% revenue target, Oppenheimer said in a note on Thursday.
The firm highlighted Cloudflare's "platformization" strategy, which integrates all its products into a single platform, allowing customers to deploy new modules with minimal friction. This approach has accelerated the adoption of security and developer capabilities, reinforcing the company's competitive position.
Oppenheimer said Q1 and full-year growth outlook of 24% and 25%, respectively, appear achievable, with potential upside from increased security module adoption.
Recent executive hires, including Mark Anderson as president of revenue and CJ Desai as president of product and engineering, are expected to strengthen Cloudflare's go-to-market efforts across large enterprises and developers.
The firm initiated coverage of Cloudflare with an outperform rating and a $150 price target, citing confidence in the company's ability to sustain an annualized revenue growth rate of 30% over the next three years and reach a $5 billion revenue run rate by the end of 2028, driven by continued adoption of security and developer modules.
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