Needham & Company Upgrades Appian Corp. (APPN) to Buy

Needham & Company analyst Jack Andrews upgraded Appian Corp. (NASDAQ: APPN) from Hold to Buy with a price target of $94.00.

The analyst commented, "We are upgrading APPN to BUY and establishing a $94 price target. We have been on the sidelines for the last several months solely due to valuation, but are turning positive today after robust 3Q20 results, highlighted by a strong acceleration in APPN’s cloud subscription revenue. This report reinforces our recent industry checks which indicate that the market adoption of low-code platforms is accelerating during this pandemic. Furthermore, there appears to be a cultural change afoot, as enterprise decision makers increasingly recognize the competitive advantages that unique software can provide. This market tailwind, combined with APPN’s ability to harvest investments in partners and solutions, leads us to meaningfully raise our revenue and cashflow estimates over a multi-year time horizon."

For an analyst ratings summary and ratings history on Appian Corp. click here. For more ratings news on Appian Corp. click here.

Shares of Appian Corp. closed at $75.22 yesterday.

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