Confluent price target lowered to $25 from $30 at Loop Capital

Loop Capital lowered the firm’s price target on Confluent to $25 from $30 and keeps a Hold rating on the shares. While the departure of the company’s enterprise sales head earlier in the month and continued attrition in its sales organization elevated the already high sales execution risk at the company, it appears that its overall business did not show any sign of further deterioration in the quarter, even though it remains lackluster, the analyst tells investors in a research note. Loop adds that it is becoming more comfortable with the Street’s current 40% revenue growth estimate for its Cloud business for the year despite high sales attrition and highly disruptive change in the go-to-market that are likely to have a lingering impact on its Cloud business beyond this year.