Clearwater Analytics climbs after Oppenheimer upgrade

Clearwater Analytics Holdings

08/07/2024 15:03

** Clearwater Analytics'  CWAN.N  stock up 2.3% to 4-week
high of $19.46 early Mon after Oppenheimer upgrades investment
accounting software provider to "outperform" from "perform"
    ** Brokerage sets PT at $25, ~31% above stock's last close
    ** "CWAN has a durable growth story and a defensible moat in
the AI era as a system of records and Verticals leader,"
Oppenheimer writes in note to clients
    ** Oppenheimer says business positioned to reaccelerate
growth next year from expansions strength and deliver upside to
estimates, adding these items look "underappreciated and should
catalyze multiple expansion when more apparent"
    ** CWAN's roughly $40 mln acquisition in Apr of four risk
and performance products from Wilshire Associates paves path to
gain greater share of investment management IT budgets,
Oppenheimer says
    ** Now, 7 of 11 analysts rate CWAN "strong buy" or "buy", 3
have "hold", while 1 recommends "sell" with $22 median PT, per
LSEG data
    ** With move on the session, CWAN shares off 3% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))