Wells Fargo upgrades Guidewire to Equal Weight, raises price target to $85

As previously reported, Wells Fargo upgraded Guidewire to Equal Weight from Underweight with a price target of $85, up from $65. The firm notes that shares are up 34% year-to-date and -25% over the trailing 36 mos. Wells’ recent checks suggest the company is turning a corner with cloud, amidst a weakening competitive environment. The firm also picked up some encouraging signs Guidewire is starting to see benefits from consolidation – presenting opportunity for more customers to standardize across its platform.