Piper Jaffray analyst Alex Zukin says Guidewire Software's Q4 results "did not live up to lofty expectations." Weighing on the shares will be InsuranceNow underperformance, InsuranceSuite Cloud deal slippage and commentary that investors will need to wait for fiscal 2020 or beyond to see the steepest part of the cloud adoption story, Zukin tells investors in a post-earnings research note titled "4Q18 Initial Thoughts: The Night Is Darkest Before the Dawn." The analyst, however, believes the company's fundamental backdrop "remains very strong," especially in Europe, and that its win rates have improved to all-time highs. He keeps an Overweight rating on Guidewire with a $110 price target. The stock in premarket trading is down 8%, or $7.93, to $89.00.