CFLT - Confluent Has Big Potential in Cloud Expansion and Flink Launch Analyst Gives A Thumbs Up | Benzinga
Stifel analyst Brad Reback initiated coverage on Confluent Inc (NASDAQ:CFLT) with a Buy rating and a price target of $40.
Confluent has a significant opportunity in the Fortune 500, with over 75% of these enterprises already using Apache Kafka, and only 36% are currently Confluent customers, Reback noted.
Beyond that, management estimates over 150K organizations using Kafka compared to only ~5,000 paying Confluent customers.
The analyst expects organizations to increasingly turn to Confluent to standardize, optimize, and fortify their data streaming architecture.
Confluent has embraced the market’s fully managed cloud service segment as customers of all sizes are moving away from self-managed products, given the operational overhead needed to support these solutions.
Confluent Cloud is now 47% of total revenue, and the company has set out long-term goals of ...