Clearwater Analytics price target lowered to $36 from $40 at Oppenheimer

Oppenheimer analyst Brian Schwartz lowered the firm’s price target on Clearwater Analytics (CWAN) to $36 from $40 on group multiples compression, while keeping an Outperform rating on the shares. The firm notes it recently met with Clearwater’s CFO, Jim Cox at Oppenheimer’s Annual Software Bus Tour, and management’s tone was upbeat about demand and activity, the acquired companies’ integration plans, early deal synergies, and strategy to sustain top-tier industry growth. Oppenheimer left the meeting incrementally positive on Clearwater’s profitable growth strategy, leading technology vision, deep moat, and opportunity to become a utility software supplier by disrupting its category’s front, middle and back offices.