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.”
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Read More on CFLT:
- Cautious Outlook on Confluent Amid Mixed Results and Structural Challenges
- Confluent downgraded to Hold from Buy at TD Cowen
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- Confluent downgraded to Equalweight from Overweight at Capital One
- Confluent downgraded to Hold from Buy at Stifel