SPRX - Confluent Set to Capture Major Market Share with Unique Streaming Tech: Oppenheimer Analyst | Benzinga
Oppenheimer analyst Ittai Kidron initiated coverage on Confluent Inc (NASDAQ:CFLT) with an Outperform rating and a price target of $37.
The analyst said that Confluent’s ability to bring event streaming and processing into a single unified platform is unique and positions it as the de facto technology leader in the category. He expects outsized gains.
Also Read: Confluent Has Big Potential in Cloud Expansion and Flink Launch, Analyst Gives A Thumbs Up
The analyst calculated Confluent’s total addressable market (TAM) at $51.6 billion in 2022, growing at a 14% five-year CAGR to $98.4 billion by 2027.
Based on his 2024 revenue estimate, Confluent has barely tapped this TAM at a 1.3% share.
As per Kidron, Confluent’s multi-pronged land-and-expand model reflects its wide reach into the open-source community ...