Confluent price target raised to $30 from $23 at Loop Capital

Loop Capital raised the firm’s price target on Confluent to $30 from $23 but keeps a Hold rating on the shares. The company’s growth guidance for its highly strategic Cloud business for Q1 and FY24 was largely consistent with Street estimates, establishing a baseline which some investors had feared could be set much lower, the analyst tells investors in a research note. The firm adds that the company still carries a significant transition risk related to its change in the go-to-market into a consumption-based one however.