JPMorgan raised the firm’s price target on Guidewire (GWRE) to $288 from $271 and keeps an Overweight rating on the shares. Next month, the firm expects Guidewire to exceed the “historic milestone” of $1B annual recurring revenue. The company is a dominant player in a market with high barriers to entry and has almost no churn, given how deeply entrenched it is within insurers’ mission-critical systems, the analyst tells investors in a research note. JPMorgan We sees upside risk to the company’s annual recurring revenue growth outlook and is more upbeat about its cloud migration opportunity.
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