Confluent price target raised to $31 from $29 at Mizuho

Mizuho raised the firm’s price target on Confluent (CFLT) to $31 from $29 and keeps an Outperform rating on the shares. Confluent’s Q3 was much better than expected, as Subscription revenue growth of 25% year over year handily exceeded the Street’s 23.5% forecast, and Cloud revenue growth re-accelerated to 42% y/y growth, beating the Street’s 37% projection, the analyst tells investors in a research note. Mizuho continues to expect data streaming adoption will go much higher over the medium-term and beyond, and views Confluent as a beneficiary of a trend towards managed data stream processing solutions.