Confluent price target lowered to $27 from $42 at Truist

Truist analyst Miller Jump lowered the firm’s price target on Confluent to $27 from $42 but keeps a Buy rating on the shares after its Q3 results. The company called out a variety of headwinds that caused them to lower their outlook for Q4 growth and guide to FY24 growth that was meaningfully below the firm’s expectations, with the biggest shift being the company’s acceleration of their plan to move to a fully consumption based model for cloud sales comp, the analyst tells investors in a research note.