Guggenheim lowered the firm’s price target on Confluent (CFLT) to $31 from $38 and keeps a Buy rating on the shares. The firm acknowledges having been “too optimistic” about Confluent’s initial guidance, which it thought was achievable given product tailwinds that could drive higher incremental revenue. The firm lowered its price target due to lowered forecasts, but adds that it thinks the $10M reduction to 19%-20% subscription growth “now seems appropriately set,”
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Read More on CFLT:
- Confluent’s Resilient Outlook: Buy Rating Maintained Amid Optimizations and Adjusted Guidance
- Confluent price target lowered to $30 from $32 at Wells Fargo
- Confluent’s Strong Q1 Performance and Growth Potential Earns Buy Rating Despite Macroeconomic Challenges
- Cautious Outlook for Confluent Amid Macroeconomic Challenges and Revised Revenue Guidance
- Confluent price target lowered to $36 from $40 at Citizens JMP