Cloudflare slips after announcing $2.2 bln convertible
BUZZ-Cloudflare slips after announcing $2.2 bln convertible ** Cloud services firm Cloudflare's NET.N shares down 1.3% to $296.51 in early Mon trading after planned capital raise news
** San Francisco, California-based co announces private offering of $2.175 bln convertible bonds due Aug 15, 2031
** Co intends to use net proceeds for general corp purposes, including for capex, debt repayment, potential acquisitions
** Also plans to use some proceeds for capped call transactions, employed to help mitigate potential dilution
** NET surged to intraday record high $324.73 on Fri before ending session up nearly 6% after co raised its 2026 forecasts on higher AI-driven spending
** Stock now up 50% YTD for about $105 bln market cap
** Avg rating of 36 analysts is "buy"; median PT of $350 up from $260 a month ago, per LSEG
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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