Wolfe Research upgraded Confluent to Outperform from Peer Perform with a $21 price target. The company’s fiscal Q3 cloud revenue missed guidance and the fiscal 2024 outlook was well below consensus, the analyst tells investors in a research note. However, following the decline in shares, the analyst sees expectations being reset with “many tailwinds coming next year.” Wolfe’s checks suggest the fundamentals of Confluent’s business are intact.
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