Confluent upgraded to Overweight from Neutral at JPMorgan

JPMorgan analyst Pinjalim Bora upgraded Confluent to Overweight from Neutral with a $25 price target. The analyst cites the company’s “organizational resilience” over the last couple of quarters in addition to the recent valuation reset driven by the choppy macro environment for the upgrade. The firm says its conviction is further bolstered by its latest Confluent customer survey, which indicates that customers are looking to grow their spend at 20% annually over the next three years, on average. JPMorgan sees a solid risk/reward at the current price levels for long-term investors to start building a position “in a solid company that is paving the way for enterprises to modernize their enterprise data-infrastructure.”