As previously reported, Wells Fargo analyst Michael Turrin upgraded Guidewire to Overweight from Equal Weight. 2023 market the third straight year of underperformance for software, including outsized impacts to SMID-caps, the firm notes. Regardless of if macro improves in 2024, Wells is expecting some of these forgotten names with company specific catalysts and/or inexpensive valuations to stage a comeback, given potential upside to estimates plus favorably skewed risk/reward.
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