Confluent price target raised to $37 from $30 at Piper Sandler

Piper Sandler analyst Rob Owens raised the firm’s price target on Confluent to $37 from $30 and keeps an Overweight rating on the shares. The firm notes Q4 results brought evidence of last quarter’s dynamics being an exception, not the norm. Cloud consumption came in ahead of expectations, but remained pressured given the environment. Commentary around digital-native customer consumption, GTM changes and optimism around Flink were all encouraging, the firm says. Piper looks at the 22% growth outlook for 2024 as being de-risked at this point, with multiple scenarios for upside to play out.