DA Davidson analyst Rishi Jaluria raised his price target on Guidewire to $118 and kept his Buy rating after its analyst day, saying the company's long-term revenue framework of $1.3B in 5-years is its first outlook since it started to accelerate its cloud strategy. The analyst states that the outlook represents a "useful upside case" on the stock, with discounted model possibly implying valuation of $140 per share. Jaluria further sees the company "fully invested" in its cloud strategy, adding that its key customer Nationwide also looks to shift 80% of its insurance applications to the cloud from 20% currently. The analyst contends that Guidewire's premium implied multiple of 9-times enterprise value to expected FY20 revenue is "deserved" based on its market leading position.