Bernstein Lowers Confluent Rating Following IBM's $11 Billion Cash Acquisition Agreement
Bernstein has downgraded its rating on Confluent to Market-Perform after IBM agreed to purchase the data streaming company for $31 per share, implying a total valuation near $11 billion. The broker notes that the offer aligns with its previous price target, which included an acquisition premium, signaling limited upside potential now that the trans…