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Fri. 24 Sep 2021, 9:38am ETBenzinga
In: News, Downgrades, Analyst Ratings, Tech
  • Oppenheimer analyst Timothy Horan downgraded Cloudflare (NYSE:NETto Perform from Outperform without a price target. 
  • Horan continues to be "very positive" on the long-term prospects for the company's nascent edge platform, but he believes that the stock is "now due for a well-deserved pause." 
  • Competition is slowly increasing for Cloudflare as Microsoft Corp (NASDAQ:MSFT) and Amazon.com Inc (NASDAQ:AMZN) build out edge, and Street estimates for the company are too high due to the price war between content delivery networks.
  • Price Action: NET shares traded lower by 3.74% at $130.59 in the premarket session on the last check Friday.