What is Scotiabank's new price target for Cloudflare?

The new price target is $300, compared to the current price of around $269.

How did Cloudflare perform compared to other AI cloud stocks?

Cloudflare outperformed Oracle, Snowflake, and CoreWeave, rising 9% while those stocks declined on a day when the NASDAQ 100 fell 1.3%.

What is Cloudflare's 52-week high?

The 52-week high is $276.81, and the stock is approaching it after the recent surge.

Cloudflare Surges 9% on Scotiabank Upgrade, Outshines AI Cloud Peers

Cloudflare (NET) shares surged 9% to around $269 after Scotiabank upgraded the stock and raised its price target, nearing a 52-week high of $276.81 and outperforming other AI cloud stocks like Oracle and Snowflake.

July 7, 2026

2 min read

Source: 24/7 Wall St.

Key Numbers

price

$269

change

+9%

52 week high

$276.81

nasdaq change

-1.3%

Shares of Cloudflare (NYSE:NET) rose 9% in midday trading to approximately $269 after Scotiabank upgraded the stock and raised its price target. The move brings Cloudflare near a fresh 52-week high of $276.81, standing out on an otherwise rough day for growth tech.

Reasons for the Move

The direct catalyst was Scotiabank's upgrade from "Sector Perform" to "Sector Outperform" with a new price target of $300. The analyst cited Cloudflare's strong positioning in the AI cloud market and its ability to capitalize on growing demand.

Broader Context

The surge comes on a day when the NASDAQ 100 fell 1.3%. In contrast, other AI cloud stocks like Oracle (ORCL), Snowflake (SNOW), and CoreWeave declined, making Cloudflare's performance exceptional.

Similar Moves in the Sector

Despite Cloudflare's strong day, other cloud computing stocks have seen weakness. This divergence highlights investor preference for companies with clear revenue growth and product adoption.

What This Means for Investors

Cloudflare's rise reflects analyst confidence in its competitive position in AI cloud. However, investors should consider overall sector volatility before making decisions.

Frequently Asked Questions

The stock rose 9% after Scotiabank upgraded it from 'Sector Perform' to 'Sector Outperform' and raised its price target to $300.

Found this useful? Share it

This article was rewritten in Wrqti's editorial style based on information from the original source above. Content is informational only — not investment advice.