Needham analyst Mike Cikos raised the firm’s price target on Confluent (CFLT) to $30 from $23 and keeps a Buy rating on the shares. The firm has also named the stock its Infrastructure & Analytics Software Top Pick for 2024, replacing MongoDB (MDB). Despite a recent run-up, Confluent still trades 17% below its pre-Q3 earnings print, providing a compelling opportunity, the analyst tells investors in a research note. Needham further states that it sees multiple growth vectors in 2024 deriving from the go-to-market transformation, where 100% of sales reps’ compensation is based on Consumption and New Logos, as well as the company’s product roadmap.
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