BUZZ-Clearwater Analytics rises after Morgan Stanley upgrades to 'overweight'

Shares of investment accounting software provider Clearwater Analytics CWAN.N rise as much as 4.9%; last up 3.7% at $28.08

Morgan Stanley upgrades CWAN to "overweight" from "equal-weight"; raises PT to $34 from $30, a 25.5% upside to stock's last close

Brokerage says the acquisition of rival Enfusion ENFN.N is a transformation deal for co as it solidifies CWAN as a dominant software provider to the investment management industry

Adds that it is bullish on both the underlying strategic rationale and the financial implications of the deal

CWAN earlier this week struck a $1.5 bln cash-and-stock deal for ENFN to boost its international presence and to enter the hedge fund industry

Nine of 10 brokerages rate the stock "buy" or higher and one "hold"; median PT $34 - data compiled by LSEG

CWAN stock jumped 37.4% in 2024

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))