Guidewire price target raised to $271 from $231 at JPMorgan

JPMorgan raised the firm’s price target on Guidewire (GWRE) to $271 from $231 and keeps an Overweight rating on the shares. The company reported a “high quality beat across all key line items” with stronger net new annual recurring revenue on greater new deal flow and larger commitments from existing customers across all tiers, the analyst tells investors in a research note. The firm says the fiscal Q3 performance prompted management to raise ARR guidance by the magnitude of the quarterly beat. It views the outlook as “encouraging.”