Fortune500 News Hubb
Advertisement Banner
  • Home
  • Fortune 500 News
  • Business News
  • Contact
No Result
View All Result
  • Home
  • Fortune 500 News
  • Business News
  • Contact
No Result
View All Result
Wellnessnewshubb
No Result
View All Result
Home Business News

Why Confluent Stock Surged 12% Higher This Week

admin by admin
January 14, 2023
in Business News


What happened

Data streaming company Confluent (CFLT 1.09%) had quite a good week on the stock exchange, racking up a double-digit increase in its share price. The Monday-Friday stretch saw the specialty tech stock rise by over 12%, according to data compiled by S&P Global Market Intelligence, thanks in no small part to an analyst’s recommendation upgrade.

So what

On Tuesday, Barclays prognosticator Raimo Lenschow jumped into the Confluent bullpen. He changed his recommendation on the stock to overweight, or buy, from his preceding equalweight (hold). The analyst’s price target is $24 per share, suggesting a potential upside of nearly 20%.

While Lenschow expressed concern about what he considers high estimates for American software stocks, he has hope that the environment for these companies will change for the better in the second half of the year. The macroeconomic headwinds — such as the still-worrying inflation indicators — currently buffeting the sector will hopefully subside by then. 

The Barclays analyst is a bit more optimistic than some of his peers who track Confluent stock. The same day Lenschow upgraded his recommendation, Truist Securities’ W. Miller Jump took a pair of scissors to his price target. Jump previously flagged it as a $35 stock but now believes Confluent is worth $30 per share.

Yet even after the reduction, that level is still notably above that of Lenschow’s. Jump has maintained his buy on Confluent, believing it to be undervalued and worthy of consideration by careful stock pickers.

Now what

In recent days, there have been signs of life in the broader tech sector, with investors returning to numerous titles that have seen significant share price drops. Those worries over the economy aren’t going to melt away, though, so caution and care are warranted for those bargain seekers.

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Confluent. The Motley Fool recommends Barclays Plc. The Motley Fool has a disclosure policy.



Source link

Previous Post

Trump Called E. Jean Carroll Lawyer ‘Political Operative,’ ‘Disgrace’

Next Post

Prince Harry gives ghostwriters a rare moment in the sun

Next Post

Prince Harry gives ghostwriters a rare moment in the sun

Recommended

DexCom (DXCM) Q4 2022 Earnings Call Transcript

4 months ago

Best No Medical Exam Life Insurance Companies of 2022

6 months ago

Visitors to Michelangelo’s David ridicule Florida school’s objection to the statue

2 months ago

Best Credit Cards of January 2023

5 months ago

FTX says it is probing ‘abnormal transactions’ after potential hack

7 months ago

Barrick Gold (GOLD) Q4 2022 Earnings Call Transcript

4 months ago

© Fortune500 News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Fortune 500 News
  • Business News
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • Fortune 500 News
  • Business News
  • Contact

© 2022 Fortune500 News Hubb All rights reserved.