Cloudflare jumps after strong demand drives Q3 results beat

Cloudflare NET.N shares rise 7.89% to $240 in premarket trading after strong Q3 results

Co reports Q3 revenue of $562.03 mln, up 31% y-o-y, beating estimates of $544.8 mln according to data compiled by LSEG

Adjusted net income came in at $102.6 mln, or $0.27 per share, vs estimate of $0.23 per share

Co sees Q4 revenue between $588.5 mln and $589.5 mln and full-year revenue of $2.142 bln–$2.143 bln

J.P. Morgan rates NET "neutral" and lifts its price target to $135 from $115, saying Q4 guidance supports its mid-term growth goals, helped by momentum in AI, Workers platform and enterprise traction

Jefferies maintains a "hold" rating with a $250 PT, noting strong revenue acceleration and large customer wins, but says premium valuation may keep shares range-bound

19 of 35 analysts rate stock "buy" or higher, 13 "hold" and three "sell" or lower; median PT at $240 - data compiled by LSEG

Stock up 106.40% YTD, as of last close