Cloudflare, Inc. (NYSE: NET) is one of the Best Cloud Stocks to Buy Now. On November 19, Bernstein reiterated a Hold rating on the stock with a price target of $131. A day earlier, on November 18, Tomer Zilberman of Bank of America Securities reiterated a buy rating on the stock with a price target of $255.
These notes come after Cloudflare, Inc. (NYSE: NET) was hit by a network outage on November 18 at 11:20 UTC. The outage attracted worldwide attention since the company manages and secures approximately 20% of web traffic. As a result of the outage, popular sites such as Shopify, Indeed, Claude chatbot, Truth Social, and X, among others, were affected. Management clarified that the root cause of the outage was not due to an attack or malicious activity, but an automatically generated configuration file that “exceeded the expected size of entries” to cause the outage.
​Although the outage only lasted a few hours and was resolved at 5:06 p.m. UTC, the stock slipped more than 2% due to the outage.
BofA analyst Zilberman noted that while the outage posed reputational issues, it is a non-structural issue that has no long-term impact. In addition to handling 20% ​​of web traffic, Cloudflare, Inc. (NYSE: NET) serves 35% of Fortune 100 companies, highlighting the company’s strategic position in the industry.
​Cloudflare, Inc. (NYSE:NET) is a cloud connectivity company that provides a comprehensive platform to secure, accelerate and improve the performance and reliability of websites, applications and APIs.
While we recognize NET’s potential as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for a hugely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the reshoring trend, check out our free report on the best AI stock in the short term.
READ NEXT: 30 stocks that should double in 3 years And 11 Hidden AI Stocks to Buy Right Now.
Disclosure: None. This article was originally published on Initiated Monkey.
