TD Cowen downgrades Confluent, says challenges could take time to fix

As previously reported, TD Cowen downgraded Confluent (CFLT) to Hold from Buy with a price target of $24, down from $32, after the company posted a “mixed” Q2 report. Cloud growth is starting to see a sharper rate of deceleration and management sees a continuation of dampened spending so it is making go-to-market changes to adjust, though the firm thinks there are “broader structural challenges that could take time to remedy” and it expects valuations to “remain depressed.”