RBC Capital raised the firm’s price target on Guidewire to $130 from $115 and keeps an Outperform rating on the shares. The company delivered a solid overall quarter and sounded incrementally positive on cloud momentum, the analyst tells investors in a research note, noting that the firm would be buyers on any pull-back in shares. The decision to accelerate the offloading of services revenue to channel partners led to a FY24 revenue guide down, but it is “noise near-term and positive for margins long-term”, the firm added.
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