UPDATE: Macquarie Starts Appian Corp. (APPN) at Underperform, 'Low Code Evolution, not Revolution'
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Macquarie analyst Frederick Havenmeyer initiates coverage on Appian Corp. (NASDAQ: APPN) with a Underperform rating and a price target of $68.00.
The analyst comments "Appian offers solid and scalable low/no-code automation platform technology that helps unlock development efficiencies among resource-constrained IT departments. However, we believe valuation is far ahead of itself despite strong FQ3’20 results. We estimate Appian’s software business is trading at ~42x FY’22e consensus EV/Sales on a lumpy 30’s % growth profile with negative margins and incremental competition in its core financial services market. We therefore initiate coverage with an Underperform rating and $68 TP leveraging our sum of the parts analysis, which embeds our view that Appian is not a pure-play software vendor."
Shares of Appian Corp. closed at $145.00 yesterday.
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