UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Guidewire Software Following Solid Beat - Guidewire Software (NYSE:GWRE)

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In a report published Wednesday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on

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Guidewire Software

(NYSE: GWRE), and raised the price target from $41.00 to $50.00.In the report, Deutsche Bank noted, “Solid beat heading into FY13 home stretch - Guidewire beat estimates handily, reporting revenue/EPS of $68.3m/$0.04 vs. our $63.5m/$0.02 and consensus of $63.6m/$0.02. TTM recurring revenue was up 34% y/y. The top-line beat came from outperformance of $1.5m on our perpetual license estimate and $3m on services, the latter a fairly reliable leading indicator to future license revenue. While still early to guide for FY14 (July), management appears comfortable with revenue consensus of $345m, 16% y/y growth, leaving room to raise on the 4Q13 call. We reiterate our Buy on strong pipeline of new business, raising our PT to $50 from $41.”Guidewire Software closed on Tuesday at $40.79.