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- Oppenheimer analyst Timothy Horan downgraded Cloudflare NET to 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 MSFT and Amazon.com Inc 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.
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