Correction: BofA Securities Downgrades Guidewire (GWRE) to Underperform

October 4, 2021 6:09 AM EDT
Get Alerts GWRE Hot Sheet
Price: $78.45 -1.57%

Rating Summary:
    10 Buy, 7 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 18 | Down: 53 | New: 12
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(Updated - October 4, 2021 7:16 AM EDT)

BofA Securities analyst Brad Sills downgraded Guidewire (NYSE: GWRE) from Neutral to Underperform with a reduced price target of $125.00 (from $132.00) after management outlined healthy progress with the cloud transition but with shares trading at 10x C23 rev, which an accelerated move to the cloud, at most, driving upside to the 15% target, the result would be unlikely to drive material multiple expansion.

The analyst stated "With the stock trading at a growth adj. multiple in line with the SMID cap software group and lackluster mid/high teens growth, we believe risk/reward is more attractive in other software stocks."

For an analyst ratings summary and ratings history on Guidewire click here. For more ratings news on Guidewire click here.

Shares of Guidewire closed at $118.47 yesterday.

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Brad Sills