Why Confluent Was Bouncing Back Strong Today
Shares of Confluent (NASDAQ: CFLT), a data streaming and processing software company, were up nearly 9.6% in Tuesday trading.
The software company, which is built on top of open-source big data software framework Kafka, and which helps businesses connect and process data across clouds and private data centers, had sold off hard following its third-quarter earnings report back in October.
However, it appears at least one Wall Street analyst thinks that sell-off is overdone, and initiated coverage on Confluent today with an outperform rating and a $34 price target, well above the stock's $18.71 price at the close of trading yesterday.
Source Fool.com
