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Investing.com - Truist Securities raised its price target on Confluent Inc (NASDAQ:CFLT) to $29.00 from $27.00 on Tuesday, while maintaining a Buy rating on the data streaming platform provider. According to InvestingPro data, the company currently trades at a market capitalization of $8.4 billion, with analyst targets ranging from $20 to $36.
The price target increase follows Confluent ’s third-quarter results, which exceeded Truist’s estimates across all metrics, primarily driven by strong performance in Confluent Cloud as customer optimization activity stabilized. The company has maintained impressive growth with revenue increasing 23% year-over-year and a robust gross margin of 74%.
Truist noted that multiple go-to-market initiatives helped drive better cross-selling and new use cases for Confluent’s products, prompting management to raise its full-year revenue outlook to reflect improving execution and demand.
Within Confluent’s data streaming platform portfolio, Flink emerged as the standout performer with strong growth, including multiple customer deployments exceeding $1 million in value.
Truist Securities expressed that Confluent’s go-to-market momentum could potentially drive stabilization and revenue upside as the company moves through the fourth quarter and into fiscal year 2026.
In other recent news, Confluent Inc reported third-quarter results that have led several analyst firms to adjust their price targets for the company. TD Cowen raised its price target to $27, citing improved consumption trends and a stable net revenue retention rate of 114%. DA Davidson also increased its price target to $29, noting a "solid beat and raise" quarter, with optimizations returning to healthy levels. Piper Sandler set a new price target of $28, highlighting improved execution and the company’s raised cloud expectations for the first time this year.
Bernstein maintained its Outperform rating with a $31 price target, driven by Flink acceleration and a significant 40% quarter-over-quarter increase in late-stage cloud pipeline projects. The firm also noted a 43% year-over-year growth in revenue purchase obligations, suggesting potential future acceleration. Raymond James raised its price target to $30, emphasizing that Confluent’s results and guidance exceeded buy-side expectations. These developments represent a positive shift for Confluent, as the company works to regain investor confidence.
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