Barclays has revised its price target for Confluent (CFLT, Financial), reducing it from $37 to $29, while maintaining an Overweight rating on the stock. This adjustment comes in anticipation of the first quarter earnings report for U.S. software companies. According to the firm's analysis, Q1 is unlikely to serve as a significant catalyst for stocks within the sector.
Recent channel checks indicate that while performance is weaker, it has not reached concerning levels. However, the primary focus for investors will likely be on the forward-looking guidance provided by the company. Despite the current quarter being relatively minor, Barclays anticipates that management teams may not significantly adjust their forecasts at this stage.
The firm suggests that clarity on the company's financial trajectory might not arrive until the second quarter results are released, leaving some uncertainty in the interim.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 32 analysts, the average target price for Confluent Inc (CFLT, Financial) is $35.81 with a high estimate of $42.00 and a low estimate of $25.00. The average target implies an upside of 69.29% from the current price of $21.15. More detailed estimate data can be found on the Confluent Inc (CFLT) Forecast page.
Based on the consensus recommendation from 34 brokerage firms, Confluent Inc's (CFLT, Financial) average brokerage recommendation is currently 2.1, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Confluent Inc (CFLT, Financial) in one year is $43.46, suggesting a upside of 105.48% from the current price of $21.15. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Confluent Inc (CFLT) Summary page.
