Confluent price target lowered to $33 from $38 at Bernstein

Bernstein lowered the firm’s price target on Confluent (CFLT) to $33 from $38 and keeps an Outperform rating on the shares. While there is always noise around competitive and rationalization pressures, the firm doesn’t think it changed significantly this quarter, and thinks the company continues to win its recent fair share of new workloads, and has a consistent level of churn, the analyst tells investors in a research note. The quarterly challenge for Confluent is their relatively small concentrated customer base, Bernstein says.