Confluent Set to Capture Major Market Share with Unique Streaming Tech: Oppenheimer Analyst
Portfolio Pulse from Anusuya Lahiri
Oppenheimer analyst Ittai Kidron initiated coverage on Confluent Inc (NASDAQ:CFLT) with an Outperform rating and a price target of $37, citing its unique event streaming technology and significant market potential. Confluent's total addressable market is projected to grow from $51.6 billion in 2022 to $98.4 billion by 2027. The analyst expects Confluent to benefit from the rising importance of real-time data and projects revenue growth of 23% and 25% in 2024 and 2025, respectively. Confluent stock has gained over 18% in the last 12 months. Investors can also gain exposure through ProShares Big Data Refiners ETF (NYSE:DAT) and Spear Alpha ETF (NASDAQ:SPRX).
May 17, 2024 | 4:43 pm
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POSITIVE IMPACT
Oppenheimer analyst Ittai Kidron initiated coverage on Confluent Inc with an Outperform rating and a price target of $37, highlighting its unique event streaming technology and significant market potential. The analyst expects strong revenue growth and market share gains.
The analyst's positive rating and high price target, combined with the projected revenue growth and market potential, are likely to drive short-term positive sentiment and price appreciation for Confluent Inc.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
ProShares Big Data Refiners ETF (NYSE:DAT) offers exposure to Confluent Inc, which has received a positive rating and price target from Oppenheimer. This could positively impact the ETF's performance.
Given that Confluent Inc is a component of the ProShares Big Data Refiners ETF, the positive outlook on Confluent is likely to have a favorable impact on the ETF's performance.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
Spear Alpha ETF (NASDAQ:SPRX) includes Confluent Inc, which has been rated Outperform by Oppenheimer with a $37 price target. This could enhance the ETF's attractiveness.
As Confluent Inc is part of the Spear Alpha ETF, the positive analyst rating and price target for Confluent are likely to benefit the ETF's performance.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 50