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Cloudflare Inc. (NYSE:NET) shares surged more than 13% intra-day today after Wells Fargo upgraded the company to Overweight from Equal Weight and raised its price target to $65.00 from $62.00. According to the analysts, the upgrade was based on (1) a 65% YTD share drop, creating a better entry point, (2) the belief that the company is benefiting from the increasing focus on consolidation to reduce costs and gaining share from point product vendors, (3) the company’s investments in the channel are paying off, noting a solid uptick in demand trends in their Q3 Reseller Survey, and (4) expected positive Free Cash Flow in the back half of 2022, and their belief that the company will remain above the “Rule of 40″ going forward.”
Morgan Stanley upgraded Clorox (NYSE:CLX) to Equalweight from Underweight with a price target of $130.00. Shares were up more than 2% intra-day.
First Cash Inc (NASDAQ:FCFS) shares rose more than 3% intra-day today after Credit Suisse upgraded the company to Neutral from Underperform and raise its price target to $88.00 from $83.00. The analysts expect strong growth in consolidated gross profit/adjusted EPS of approximately 10%/21% in 2023, followed by 5% EPS CAGR in 2024-2025.
Keefe, Bruyette & Woods upgraded Radian Group (NYSE:RDN) to Outperform from Market Perform and cut its price target to $25.00 from $27.00. Shares gained more than 4% intra-day.
Morgan Stanley upgraded Church & Dwight Co. Inc. (CHD) to Equalweight from Underweight with a price target of $82.00. Shares were up more than 2% intra-day today.
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