Why Cloudflare Stock Is Soaring Today
The recent Consumer Price Index (CPI) data released Wednesday is also likely helping lift Cloudflare's stock. Cloudflare is a growth stock, typically sensitive to changes in interest rates. The lower-than-expected numbers may mean the Federal Reserve delivers more or larger rate cuts in the coming year -- good news for a company like Cloudflare.
2 Cloud Stocks Soaring After Upgrades
Meanwhile, Cloudflare stock is up 4.2% in premarket trading, after a Citigroup upgrade to "buy" from "neutral" and price-target hike to $145 from $95. The brokerage expressed confidence in NET’s fundamentals and growth potential. Already up 49% year-over-year, the stock is on track to open near its mid-December, two-year highs.
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