Confluent initiated with a Buy at Guggenheim

Guggenheim analyst Howard Ma initiated coverage of Confluent with a Buy rating and $29 price target. The analyst says Confluent Cloud is "opening new frontiers" with features such as out-of-the-box data pipeline design and application development using real-time data. At over a $600M revenue run rate exiting 2022 and still in hyper-growth mode, Confluent has hit critical mass, the analyst tells investors in a research note. The firm sees the company sustaining 30% growth while reaching free cash flow profitability by 2024.