Confluent price target lowered to $28 from $33 at Evercore ISI

Evercore ISI lowered the firm’s price target on Confluent to $28 from $33 and keeps an Outperform rating on the shares. Coming away from conversations with management, partners, and customers at the company’s user conference and management reception, the analyst is “more energized now than before by Confluent’s long-term opportunity and the quality of the end-to-end streaming platform.” However, the firm believes secular tailwinds may take “at least a few quarters to materialize and drive revenue acceleration,” so it is lowering its FY25 estimates to reflect a more stable first half and revenue acceleration being pushed to the second half, which Evercore says is more in line with Street estimates.