Clearwater Analytics rises after Morgan Stanley upgrades to 'overweight'

** Shares of investment accounting software provider Clearwater Analytics CWAN 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