Barclays analyst Raimo Lenschow upgraded Confluent to Overweight from Equal Weight with a price target of $24, down from $27. Valuation levels are "still interesting" for U.S. software in 2023, but estimates remain "seemingly too high" given the macro headwinds, Lenschow tells investors in a research note. As such, he believes the first half of the year will remain difficult for software, but sees "hope" for the second half "as numbers don’t seem to have significant downside." Lenschow adjusted ratings after considering what to do in a potential recession.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on CFLT:
- Confluent price target lowered to $30 from $35 at Truist
- Confluent to acquire Immerok, terms undisclosed
- Confluent downgraded to Sector Perform at Scotiabank as checks drive caution
- Confluent downgraded to Sector Perform from Outperform at Scotiabank
- Confluent price target lowered to $30 from $32 at Piper Sandler