Citizens Financial Group reiterated its Market Outperform rating on Cloudflare Inc. (NYSE: NET) on Thursday, citing the company’s growing AI product portfolio and sustained revenue momentum as justification for its $394 price target.
The rating follows a series of upward revisions from other major banks. UBS raised its target to $350, while TD Cowen and Barclays both lifted their targets to $355. Jefferies also increased its target to $350. The consensus range among analysts spans from $160 to $400, with the stock trading near $300 as of late August.
Cloudflare’s market capitalization stands at approximately $106.77 billion. The company’s second-quarter 2026 earnings call in early August drew positive attention from analysts, who highlighted a 36% year-over-year revenue increase as the largest beat in 18 quarters, according to Jefferies. Analysts at InvestingPro noted that 28 earnings revisions have been upward for the upcoming period.
The company’s AI strategy centers on Cloudflare OS v2, introduced in August. The platform integrates Workers, AI Gateway, AI Search and Access, Data Loss Prevention, and Secure Web Gateway, positioning Cloudflare as a competitor in the end-user AI harnesses market. Patrick Walravens, an analyst covering the stock, described the business as "pretty incredible" in a recent assessment.
Cloudflare’s stock was down 2.72% at $299.84 in late trading on August 28, with pre-market activity indicating a slight decline to $299.70.
