Confluent price target raised to $35 from $33 at Bernstein

Bernstein analyst Peter Weed raised the firm’s price target on Confluent (CFLT) to $35 from $33 and keeps an Outperform rating on the shares. The firm notes Confluent reported strong Q4 earnings, with a subscription revenue beat of 2.1% vs. midpoint guidance and Cloud revenue specifically +5.2% above consensus. This setup nicely into Q1 and FY25 with revenue guidance is in-line with consensus, and offered a nice 2025 upside on Cloud revenue specifically guiding it to be about 57%-58% of subscription, Bernstein adds.