Confluent initiated with an Outperform at RBC Capital

RBC Capital initiated coverage of Confluent with an Outperform rating and $22 price target. The analyst views the company’s 2024 estimates are more reasonable post the Q3 report and sees upside as likely. Confluent’s core focus on data streaming and emerging data processing cross-sell positions it for long-term profitable growth, the analyst tells investors in a research note.