** Cloudflare's shares jump >5% early Fri after Citi upgraded to 'buy' from 'neutral', saying it has improved confidence in software firm's fundamentals and growth prospects
** NET shares rise as much as 5.4% to $121.02, highest levels since Apr 2022. Shares last up 3% at $118.26
** Citi hiked PT from $95 to Street-high $145, per LSEG, implying 26% upside to stock's last close
** Cloudflare enjoying high investor credibility with GenAI exposure given its relationship with Apple around the iPhone maker's Personal Cloud Compute and other AI focused initiatives, Citi said in note
** Citi said it has higher conviction in co's ability to deliver sustainable 27%-30% topline growth ** In its last report, Cloudflare forecasted Q4 rev below consensus, impacted by heightened competition in cybersecurity market ** Of 34 brokerages covering NET, recommendation breakdown is 16 "strong buy" or "buy", 15 "hold" and 3 "sell" or "strong sell" with median PT of $110 - LSEG
** With move on the session, NET shares up ~10% YTD and up ~50% in the past six months
(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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