Citi lowered the firm’s price target on Confluent (CFLT) to $25 from $37 and keeps a Neutral rating on the shares. The company’s Q1 results saw a “weak” cloud revenue beat and cut to fiscal 2025 guidance, the analyst tells investors in a research note. The firm says management noted a slower pace of large customer ramps with higher focus on cost optimization. Over the past month, Citi has seen more companies reiterating guidance with less notable macro impact so far, which suggests Confluent may be more impacted by the macro environment and large customer ramp volatility, adds the analyst.
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