Clearwater Analytics Holdings shares are trading lower after the company issued FY24 guidance below analyst estimates. JP Morgan downgraded the stock from Overweight to Neutral and lowered its price target from $24 to $22.
Portfolio Pulse from Benzinga Newsdesk
Clearwater Analytics Holdings' shares dropped following its FY24 guidance, which fell below analyst expectations. JP Morgan downgraded CWAN from Overweight to Neutral and reduced its price target from $24 to $22.
February 29, 2024 | 6:40 pm
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NEGATIVE IMPACT
Clearwater Analytics Holdings' stock price is expected to face downward pressure in the short term due to lower than expected FY24 guidance and a downgrade by JP Morgan.
The downgrade by a major financial institution like JP Morgan, combined with the issuance of FY24 guidance below analyst estimates, is likely to erode investor confidence and exert downward pressure on CWAN's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100