Confluent price target raised to $42 from $32 at DA Davidson

DA Davidson analyst Rudy Kessinger raised the firm’s price target on Confluent to $42 from $32 and keeps a Buy rating on the shares after attending the company’s Analyst Day presentation last week. Confluent is tracking in accordance with its Q2 plan and its Flink is increasingly becoming the de facto standard for stream processing, much like Kafka has become the de facto standard for building real-time data streams, the analyst tells investors in a research note. The stock currently trades at a discount relative to 30%+ growth SaaS peers, but DA Davidson believes that a modest premium to peers is warranted, the firm added.