JPMorgan Names Cloudflare a Top Software Pick as Deno Acquisition Expands Workers
NET has more than doubled off its 52-week low of $158.83.
Summary
JPMorgan named Cloudflare a software pick, forecasting revenue growth near the high-30% range as AI-driven demand lifts security and network performance services. The bank's endorsement follows Cloudflare's Q2 revenue of $696.1M (+36% YoY) and raised full-year guidance reported in August. Cloudflare also acquired Deno, folding its team and runtime into Workers to add self-hosted support for Workers and Durable Objects; Deno Deploy will close. The stock trades near its 52-week high of $370.35, with forward P/E estimates cited near 300 and about 246, reflecting rich valuation. This is the first report of the JPMorgan pick and the Deno acquisition, both material for positioning.
At the time of this announcement, NET was trading at $361.00 on NYSE in the Technology sector, with a market capitalization of approximately $128.5B. The 52-week trading range was $158.83 to $370.35. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Wiseek News.