UBS analyst Karl Keirstead lowered the firm’s price target on Confluent to $32 from $39 and keeps a Neutral rating on the shares ahead of the Q3 print on November 1. The firm estimates the initial 2024 revenue guidance is likely to be closer to 24%-25% than the Street consensus estimate of 28%, and says checks on the potential for Confluent to see an AI-driven boost to data streaming demand in 2024 were mixed, the analyst tells investors in a research note.
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