Clearwater Analytics upgraded to Outperform from Perform at Oppenheimer

Oppenheimer upgraded Clearwater Analytics to Outperform from Perform with a $25 price target. The analyst says investor sentiment has “materially shifted away” from expectations of high revenue growth rates for the foreseeable future, and expectations have become more reasonable. Clearwater has a “durable growth story and a defensible moat” in the artificial intelligence era as a system of records and verticals leader, the analyst tells investors in a research note. The firm also sees the business in position to reaccelerate growth next year from expansions strength and deliver upside to estimates.