Confluent price target lowered to $32 from $40 at Piper Sandler

Piper Sandler lowered the firm’s price target on Confluent (CFLT) to $32 from $40 and keeps an Overweight rating on the shares. The firm says a solid set of Q1 results were highlighted by accelerating growth, strong customer adds alongside continued adoption of the growing platform offering. Some signs of cloud optimization/more tempered pace of new project ramps curtailed these positive indicators however, leading to a reduction in the full-year outlook as management takes a more prudent stance on how the year could evolve, Piper adds.