Appian Corp. (APPN) PT Raised to $175 at Cowen
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Cowen analyst Derrick Wood raised the price target on Appian Corp. (NASDAQ: APPN) to $175.00 (from $83.00) while maintaining a Market Perform rating.
The analyst comments "APPN reports 4Q on 2/18. APPN has experienced one of the more profound re-rates we have come across. Since a week after the 3Q print, when shares were up ~20%, the stock has gained an add'l ~135%. Fundamentals are solid, but there have not been any major new developments & we think short squeeze dynamics are at play. Valuations seem stretched which we feel creates more downside risks. PT to $175."
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