Confluent price target lowered to $27 from $40 at Mizuho

Mizuho analyst Gregg Moskowitz lowered the firm’s price target on Confluent to $27 from $40 and keeps a Buy rating on the shares. The company reported a surprisingly weaker than expected Q3, the analyst tells investors in a research note. While total revenue exceeded expectations, Confluent Cloud revenue was below guidance as some customers tightened spend, says the firm. However, Mizuho continues to expect data streaming adoption will go much higher over the medium-term and beyond, and view Confluent’s platform as best-in-class.