Confluent price target raised to $40 from $28 at Mizuho

Mizuho raised the firm’s price target on Confluent to $40 from $28 and keeps a Buy rating on the shares following the investor day. The analyst left the meeting “even slightly more optimistic” about the prospects for Confluent’s upcoming managed Flink offering. Meanwhile, management raised 2023 gross margins and generally increased its medium-term and long-term financial targets, the analyst tells investors in a research note. The firm continues to expect data streaming adoption to go much higher over the medium-term and beyond, and views Confluent’s platform as best-in-class.