Cloudflare to benefit from rapid innovation, Morgan Stanley says
** Software firm Cloudflare NET.N is benefiting from relentless innovation, strong management and market leadership - Morgan Stanley
** Brokerage raises PT on NET to $225 from $150, implying ~24% upside to stock's last close
** Cloudflare leads in internet traffic and security, delivers strong financial results, and is becoming more adaptable through enterprise sales and flexible, usage-based contracts - brokerage
** Morgan Stanley calls Cloudflare "Best Athlete" in software
** Company recently launched a tool that blocks bot crawlers from accessing website content without permission or compensation
** NET's main risks are its premium valuation vs peers, rising competition from hyperscalers and security vendors - brokerage
** Twenty-one of 35 brokerages rate the stock "buy" or higher, 12 "hold" and two "sell" or lower; their median PT is $154, according to data compiled by LSEG
** NET shares up 1.4% at $184.52, as of last close; stock up ~69% this year
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