Cloudflare surges after raising annual revenue outlook
BUZZ-Cloudflare surges after raising annual revenue outlook ** Shares of Cloudflare NET.N jump 15.9% to $329.46 premarket
** Co raises annual revenue forecast to a range of $2.86 billion to $2.87 billion, from $2.805 billion to $2.813 billion previously, and above analysts' average estimate of $2.81 billion - LSEG-compiled data
** Posts Q2 revenue and adjusted EPS above estimates and forecasts Q3 revenue between $736 million and $737 million, also higher than estimates of $722.1 million
** At least five brokerages hike PT on the stock
** Stock recently traded at 187 times forward earnings, vs its 5-year average of 1,004, per LSEG-compiled data, suggesting it may be undervalued
** Average rating of 36 analysts covering the stock is "buy" and the median PT is $322 - LSEG-compiled data
** YTD, stock has surged about 44.3%, compared to a 12.6% rise for the S&P 500 .SPX
(Reporting by Joel Jose in Bengaluru)
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