Confluent price target raised to $33 from $26 at RBC Capital

RBC Capital raised the firm’s price target on Confluent (CFLT) to $33 from $26 and keeps an Outperform rating on the shares. The company posted a strong quarter headlined by subscription/cloud growth of 27% and 42% respectively , with all metrics beating consensus and the high-end of guidance, the analyst tells investors in a research note. Confluent’s Q3 had a low seven-figure one-time cloud deal benefit, but momentum was strong with digitally-native customer consumption stabilizing and large cloud customers implementing new use cases, the firm added.