Cloudflare (NET) is showing success with its "platformization" strategy, Oppenheimer said in a report Monday.

The company creates a unified platform with a full range of products on all its servers, allowing customers to add new

modules with a "single click" with the strategy, the note said.

"This has driven rapid adoption of its security and developer capabilities, thereby sustaining growth and increasing the competitive moat for the company," the report said.

The note also pointed to its sales strategy for large enterprises and grassroots developers that is starting to bear fruit.

"We are confident in the company's ability to exceed its 4Q25 revenue guidance and deliver a >30% revenue CAGR faster than investor expectations," the report said.

Oppenheimer assumed stock coverage with an outperform rating and a price target of $300.

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