Confluent price target lowered to $33 from $45 at JMP Securities

JMP Securities analyst Patrick Walravens lowered the firm’s price target on Confluent to $33 from $45 but keeps an Outperform rating on the shares after its Q4 pre-announcement and below-consensus FY23 guidance. Earnings for the quarter were better than expected, but RPO growth of 48% slowed from 72% last quarter, with the management also announcing an 8% staff reduction, the analyst tells investors in a research note. The firm remains positive on the stock longer term however, citing its "new paradigm for data-in-motion" along with its focus on driving business efficiency.