Confluent rises after Evercore initiates with 'outperform'

Confluent

11/06/2024 14:01

** Data streaming platform company Confluent's shares
 CFLT.O  rise 1.8% to $26.55 premarket
    ** Evercore ISI initiates coverage of CFLT with an
"outperform" rating
    ** Sets PT of $35, a 34% upside to the stock's last close
    ** Says the data streaming market's "shift towards Confluent
Cloud could drive revenue reacceleration to more than 25% in FY
2025 alongside margin expansion"
    ** Twenty-two brokerages rate the stock "buy" or higher, 7
"hold" and 1 "sell"; their median PT is $36.51 - LSEG data
    ** Stock had risen 11.5% YTD

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))