Confluent upgraded to Buy from Hold at Deutsche Bank

Deutsche Bank analyst Brad Zelnick upgraded Confluent to Buy from Hold with a price target of $28, down from $32. The company has "significant white space" for adoption as data streaming becomes ubiquitous, the analyst tells investors in a research note. The firm expects 2023 to be another volatile year for software stocks with investors seeking confirmation of a bottom as fundamentals :likely deteriorate further." The analyst prefers earlier cycle names within software for 2023 over later ones, and tells investors to "selectively begin picking away at quality growth."