Clearwater Analytics rises after Morgan Stanley upgrades to 'overweight'
17/01/2025 15:07
** Shares of investment accounting software provider
Clearwater Analytics CWAN.N rise as much as 4.9%; last up 3.7%
at $28.08
** Morgan Stanley upgrades CWAN to "overweight" from
"equal-weight"; raises PT to $34 from $30, a 25.5% upside to
stock's last close
** Brokerage says the acquisition of rival Enfusion ENFN.N
is a transformation deal for co as it solidifies CWAN as a
dominant software provider to the investment management industry
** Adds that it is bullish on both the underlying strategic
rationale and the financial implications of the deal
** CWAN earlier this week struck a $1.5 bln cash-and-stock
deal for ENFN to boost its international presence and to enter
the hedge fund industry
** Nine of 10 brokerages rate the stock "buy" or higher and
one "hold"; median PT $34 - data compiled by LSEG
** CWAN stock jumped 37.4% in 2024
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))