Cloudflare, Inc(NYSE:NET) stock is up afterMorgan Stanleyanalyst Keith Weiss upgraded it from Equal-Weight to Overweight and raised its price target from $92 to $130.

Cloudflare remains one of the most compelling secular stories in Weiss' software coverage universe, given its large TAM (total addressable market), highly scalable network architecture, and emergence as a potential GenAI enabler as organizations look to adopt and experiment with LLMs (large language models).

The company is well-positioned to gain a share in the top two CIO spending priorities, Security and AI/ML.

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