UPDATE: Macquarie Starts Appian Corp. (APPN) at Underperform, 'Low Code Evolution, not Revolution'

January 6, 2021 8:31 AM EST
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Price: $51.30 -3.64%

Rating Summary:
    3 Buy, 10 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 25 | Down: 19 | New: 35
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(Updated - January 6, 2021 8:38 AM EST)

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."

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 $145.00 yesterday.

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