DA Davidson lowered the firm’s price target on Clearwater Analytics (CWAN) to $34 from $36 and keeps a Buy rating on the shares. The company reported “strong” Q2 results with 70% growth in total revenue 74% growth in adjusted EBITDA, the analyst tells investors in a research note. From 2024 to 2027, the firm is forecasting compound annual growth in adjusted EBITDA of 39%-40%, DA Davidson added, also noting that the stock’s current enterprise value to expected EBITDA multiple is very attractive for a high-quality, vertically-focused software company.
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