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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Read More on CWAN:
- Clearwater Analytics price target raised to $28 from $23 at Piper Sandler
- Clearwater Analytics price target raised to $35 from $31 at Oppenheimer
- Clearwater Analytics upgraded to Overweight from Neutral at JPMorgan
- Clearwater Analytics Reports Strong Q3 2024 Financial Results
- Clearwater Analytics Settles Agreement and Reports Strong Q3
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