Confluent Inc (CFLT) PT Raised to $38 at Canaccord Genuity

Canaccord Genuity analyst Kingsley Crane raised the price target on Confluent Inc (NASDAQ: CFLT) to $38.00 (from $34.00) while maintaining a Buy rating.

The analyst commented: "Big picture, we continue to believe in the "data in motion" thesis -- that Confluent is well positioned to capitalize on the early innings of a data streaming technology cycle -- and
that the creation of its cloud platform helps to address why many companies that built on open-source in the past have failed to scale. Confluent is the leader in an increasingly attractive data-in-motion market, and we still like the stock here at ~9.5x EV/R on CY25 (aftermarket). We see positive risk/reward as we exit a GTM transition that has progressed better than expected. Implied valuation on our $38 PT is ~11x CY25E sales. We believe this is a reasonable multiple for a category-defining company well positioned to return to high-20's+ growth as it exits its consumption transition. BUY."

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