Confluent downgraded to Market Perform from Outperform at William Blair

William Blair downgraded Confluent (CFLT) to Market Perform from Outperform without a price target after the company entered into an agreement to be acquired by IBM (IBM) for $11B or $31 per share in cash. The firm views the deal as a “generally a good outcome” for Confluent shareholders. Blair points out that both boards approved the deal and 62% of Confluent’s voting shares are committed to accepting the IBM offer.