Evercore ISI downgraded Confluent (CFLT) to In Line from Outperform with a price target of $31, up from $28, after IBM (IBM) announced its intent to acquire all issued and outstanding common shares of Confluent at $31 per share. In the firm’s view, IBM was “always the most logical buyer” for Confluent when considering the size of the deal, IBM’s experience with acquiring and scaling open-source and source-available technologies, and the companies’ relative positioning in hybrid cloud, real-time data streaming, and enterprise AI infrastructure, the analyst tells investors.
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