Confluent price target lowered to $30 from $35 at Cowen

Cowen analyst J. Derrick Wood lowered the firm’s price target on Confluent to $30 from $35 and keeps an Outperform rating on the shares. The analyst said 4Q cRPO growth was softer than expected due to less budget flush for its on-premises offering which impacted enterprise expansion rates and new customer activity; and this was the main factor in driving 2023 revenue guide slightly down.