CFLT - Why Confluent Stock Was Racing Higher This Week
2023-12-01 07:05:24 ET
Data aggregating specialist Confluent (NASDAQ: CFLT) was having a good week on the stock market. As of early Friday morning, the company's share price had risen by nearly 11% week to date, according to data compiled by S&P Global Market Intelligence . An analyst's move and a tie-up with a famous enterprise software company helped push the stock upward.
The big action in Confluent stock occurred on Tuesday, following the initiation of coverage by Bernstein analyst Peter Weed. The pundit's opening recommendation on the shares is outperform -- buy, in other words -- at a price target of $34 per share. That implies potential upside of more than 60%, even after the lift provided by the news.
Weed flagged Confluent as a solid play on the continued growth of cloud computing . He wrote that recent worries about increased client churn and slowing growth are overblown, and the company is poised to grab market share.
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Why Confluent Stock Was Racing Higher This Week