Clearwater Analytics assumed with an Overweight at JPMorgan

JPMorgan analyst Alexei Gogolev assumed coverage of Clearwater Analytics with an Overweight rating and price target of $23, up from $18. Clearwater is offering investment accounting-as-a-service through cloud-based software aimed at helping firms to simplify their investment accounting, compliance, and risk reporting through automation, the analyst tells investors in a research note. The firm says the company’s business model is profitable and has clear operating leverage characteristics.