UBS Starts Confluent Inc (CFLT) at Buy

UBS analyst Karl Keirstead initiates coverage on Confluent Inc (NASDAQ: CFLT) with a Buy rating and a price target of $46.00.

The analyst comments "Following the recent IPO, we initiate coverage of Confluent shares with a Buy rating and a price target of $46, expanding our coverage of the modern data management software market beyond Snowflake and MongoDB. In the past month we spoke with ~15 Confluent customers and partners to sharpen our view of messaging and event streaming software trends and we offer their unvarnished feedback in this report. While Confluent's current CY22/FY23 revenue multiple of 27.6x is hardly cheap, we conclude that it is justified by the market opportunity and upside potential to our revenue estimates."

For an analyst ratings summary and ratings history on Confluent Inc click here. For more ratings news on Confluent Inc click here.

Shares of Confluent Inc closed at $40.40 yesterday.

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