11:11 AM EDT, 04/08/2025 (MT Newswires) -- Cloudflare ( NET ) can achieve its 2025 target despite macro concerns in connection with the impact of tariffs, federal budget cuts and a potential recession risk, Oppenheimer said in a note Tuesday.

Citing its industry checks, the firm said it believes Cloudflare ( NET ) contracts are "highly unlikely" to get cut from the budget as they fall under mission-critical systems.

Oppenheimer noted that investors question the company's ability to meet its full-year outlook, which implies a "modest revenue acceleration" for the second half of the year.

"We believe this is a legitimate concern as far as the broader risk of a US recession, but beyond that we have confidence in Cloudflare's ( NET ) ability to deliver on its target and reaccelerate growth based on our aforementioned checks," the firm said.

Oppenheimer maintained the company's outperform rating and $150 price target.

Cloudflare ( NET ) shares rose more than 5% in recent Tuesday trading.

Price: 103.80, Change: +5.44, Percent Change: +5.53