Clearwater Analytics price target raised to $24 from $20 at Credit Suisse

Credit Suisse analyst Kevin McVeigh raised the firm’s price target on Clearwater Analytics to $24 from $20 and keeps an Outperform rating on the shares post the investor day. The analyst sees “stock momentum building,” saying the company’s fiscal 2024 and “upsized” long term targets underscore that its transformational investments are accruing structurally higher revenue and margins before he benefits of generative artificial intelligence optionality. Clearwater exceeded expectations by offering 200 basis points of annual EBITDA margin expansion in both fiscal 2024 and 2025, the analyst tells investors in a research note.