Appian Corp. (APPN) PT Lowered to $52 at DA Davidson

DA Davidson analyst Gil Luria lowered the price target on Appian Corp. (NASDAQ: APPN) to $52.00 (from $55.00) while maintaining a Buy rating.

The analyst comments "We are updating certain elements of our scenario analysis of the Appian-Pega lawsuit, namely a push-out of assumed resolution dates. Minor tweaks include a reduction in the market discount in Pega stock (from $1.75B to $1.00B) given its recent appreciation and a revision in scenario probabilities; for the latter, we now view the probability of an AppianPega merger as more likely than that of Pega paying cash in the event the $2B award is upheld. The net impact is a reduction in the top-end of our range of per-share values to APPN, from $35 to $28, and a $3 reduction in our weighted average upside from $16 to $13. In response, we reduce our target from $55 to $52 and remain BUY rated."

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