Confluent falls to 20-month low as large AI customer reduces cloud usage

** Software company Confluent's shares CFLT.O plunge 33% to $17.54 - its lowest since November 2023

** CFLT reports loss of 24 cents per share - 14th straight quarter of net loss

** Co says a large AI-native customer plans to shift from co's cloud to self-managed deployment for internal data platforms

** Brokerage TD Cowen downgrades stock to 'hold' from 'buy', cuts PT to $24 from $32, citing near- and medium-term structural challenges

** TD Cowen cuts Q4 cloud rev. growth to 18%, from 24%, after the AI customer's move, which brokerage believes is Open AI

** CFLT not seeing consumption rebound; needs to address sales execution challenges - brokerage

** Stifel also lowers rating to 'hold' from 'buy'; highlights slowing net new workload activity, new customer additions

** CFLT's plans to increase investments in its partner channel are likely to limit margin, free cash flow - Stifel

** At least nine other brokerages lower price targets, including J.P.Morgan, Raymond James and Barclays

** Stock is down 5.5% YTD