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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