Shares of Confluent (NASDAQ: CFLT) were trading higher on Wednesday, jumping as much as 9.9% in early trading. As of 10:56 a.m. ET, the shares were still up 5%.

While the broader market move provided additional momentum, the cloud-based data streaming company was on the receiving end of an analyst upgrade, helping fuel the stock's advance.

Morgan Stanley analyst Sanjit Singh upgraded Confluent stock to overweight (buy), while simultaneously raising the stock's price target to $30, up from $29. The new price target represents potential gains for investors of 28% compared to Tuesday's close. 

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Source Fool.com