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Confluent price target lowered to $29 from $31 at Guggenheim

Guggenheim lowered the firm’s price target on Confluent (CFLT) to $29 from $31 and keeps a Buy rating on the shares. While the firm says it understands that “the key issue” is the continued optimizations among large customers and an implied Cloud exit rate of 18%, versus the Street’s 24% expectation, it sees a Q4 Cloud exit rate of 21% and subscription exit rate of 19% as “plausible.” The firm, which also highlights a number of positives in Q2, believes “the market will recognize CFLT’s value.”

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