Confluent price target lowered to $30 from $40 at Stifel

Stifel analyst Brad Reback lowered the firm’s price target on Confluent (CFLT) to $30 from $40 and keeps a Buy rating on the shares. While Confluent beat top-line expectations, the stock traded off by about 10% after hours as Cloud results were only in line as management indicated large customer optimization reappeared in March and continued thus far in Q2, the analyst noted. Management widened and moderated its FY25 guidance to account for the potential that this reduced cloud consumption growth among its largest customers continues into the back-half of the year, the analyst noted.