Confluent up after strong FY24 forecasts, PT raise

Confluent

08/05/2024 11:49

** Shares of live-streaming software Confluent  CFLT.O  up
11.5% at $31.03 premarket 
    ** Co on Wednesday forecast FY2024 adj. net income and
revenue above Street's expectations 
    ** Forecast FY adj. net income between 19 cents and 20
cents, above analysts estimates of 18 cents; forecast FY revenue
of ~$957 mln vs analysts expectation of $952.8 mln - LSEG  
    ** At least three brokerages have raised price target (PT)
on CFLT post results 
    ** Nineteen of 29 brokerages rate the stock "buy" or higher,
9 "hold" and 1 "sell"; their median PT is $35.09 - LSEG
    ** As of last close, CFLT up ~19% YTD 
   
 Brokerage   New PT  Old PT
 Guggenheim  $37     $35
 TD Cowen    $37     $34
 Barclays    $34     $33
 
    

 (Reporting by Pritam Biswas in Bengaluru)
 ((Pritam.Biswas@thomsonreuters.com))