Morgan Stanley bullish on Cloudflare (NET.US) ahead of earnings: strong AI-related demand, growth sustainability supports high valuation.

Zhitong Finance APP has learned that Morgan Stanley released a third-quarter earnings preview report on Cloudflare (NET.US), maintaining its "Overweight" rating on the stock with a target price of $370. The bank believes that rising consumption, accelerating developer adoption, and AI/agent workloads are providing Cloudflare with multiple growth levers, which are expected to support revenue growth in the mid-30% range for Q3, Q4, and 2027. The latest partner checks show solid demand in CDN/application security, Workers, SASE, and the broader AI space, a healthy order pipeline, and continued large-deal activity.