Confluent price target raised to $28 from $23 at Baird

Baird raised the firm’s price target on Confluent (CFLT) to $28 from $23 and keeps a Neutral rating on the shares. The firm said they reported strong Q3 results and raised full-year guidance. Confluent Cloud revenue beat consensus by 3% and grew 42% year-over-year. Even excluding a low seven-figure one-time benefit, Q3 Cloud revenue beat, driven by improved digital native trends and growing enterprise adoption of the broader Confluent DSP.