Enfusion initiated with a Neutral at JPMorgan

JPMorgan analyst Alexei Gogolev initiated coverage of Enfusion with a Neutral rating and $12 price target. The analyst prefers shares of Clearwater Analytics (CWAN) over Enfusion, citing the former’s proven execution track record and expectation that it may become a Rule of 40 company by 2024. The firm adds that customers of financial services software providers are not immune to macro headwinds and stock market volatility.