Stephens downgraded Confluent (CFLT) to Equal Weight from Overweight with a price target of $31, up from $29, after IBM (IBM) agreed to pay $31 per share in a takeover. The firm, which thinks the deal reflects the importance of real-time streaming workloads for AI and legacy database migration and that this “could portend a larger trend of best-in-class data technologies combining with firms that have larger distribution and complementary products,” thinks Snowflake (SNOW) or Databricks could buy Domo (DOMO) and that a hyperscaler could buy MongoDB (MDB).
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