Guidewire price target lowered to $90 from $96 at DA Davidson

DA Davidson analyst Peter Heckmann lowered the firm’s price target on Guidewire to $90 from $96 but keeps a Buy rating on the shares ahead of its Q1 results. The company should "meet or modestly exceed" his forecasts and the consensus, and the management will likely affirm their prior guidance for FY23, the analyst tells investors in a research note. The company, as well as most of their Software peers, have experienced a material pullback in valuation over the last year, but Guidewire management is making the right moves to "remain a long-term leader in the InsureTech space", Heckmann adds.