Confluent initiated with an Overweight at Wells Fargo

Wells Fargo initiated coverage of Confluent (CFLT) with an Overweight rating and $24 price target The firm views Confluent as the standard for data streaming and believes concerns around Kafka are overblown due to the “vast amount of resources” required to build the infrastructure internally. Confluent has more greater than $1M customers on its path to $1B in annual recurring revenue than its infrastructure peers, the analyst tells investors in a research note.