Confluent initiated with an Outperform at MoffettNathanson

MoffettNathanson analyst Sterling Auty initiated coverage of Confluent with an Outperform rating and $36 price target. Confluent is a clear leader in its space, and application modernization should benefit the company’s top line, with improved profitability coming from recent cost discipline moves and priorities, the analyst tells investors in a research note. The firm sees share outperformance over the next year.