Confluent price target lowered to $31 from $38 at Guggenheim

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,”