Confluent price target lowered to $22 from $25 at BofA

BofA lowered the firm’s price target on Confluent (CFLT) to $22 from $25 and keeps an Underperform rating on the shares. The data streaming platform vendor reported “good” Q1 results above the firm’s and Street estimates, but an uncertain macro and slower cloud consumption with some large customers is resulting in the 2025 subscription revenue guidance being lowered and the Q2 guidance coming in $1M below the Street, the analyst tells investors. The firm, which updated its forecast for Q1 results and guidance, thinks guidance could weigh on sentiment “until the softening demand proves more transitory versus the beginning of a much larger crack in the growth story,” the analyst added.