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.

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Source Fool.com