Clearwater Analytics downgraded to Neutral from Buy at DA Davidson
The Fly

Clearwater Analytics downgraded to Neutral from Buy at DA Davidson

DA Davidson analyst Peter Heckmann downgraded Clearwater Analytics (CWAN) to Neutral from Buy with a price target of $35, up from $31. Clearwater reported “solid” Q3 results and management raised the midpoints of their 2024 guidance for revenue and adjusted EBITDA by approximately 1% and 2%, respectively. The shares responded “very positively” to the Q3 report and have increased more than 60% year-to-date, notes the analyst, who cites valuation for the firm’s downgrade.

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