UPDATE: Wells Fargo Starts UiPath Inc. (PATH) Sees Less than 1 Year Payback for Customers
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Wells Fargo initiates coverage on UiPath Inc. (NYSE: PATH) with a Equal Weight rating and a price target of $75.00 on the belief that the company redefining the robotic process automation (RPA) space with a goal of enabling the 'fully automated enterprise' while offering <1 yr payback periods.
The analyst stated "The challenge for investors is at $40Bn in marketcap and 35x FY23e EV/S, one truly has to believe this can, and will, become the next major category-defining platform in software. While we see the potential, our work also suggests this market is rapidly forming and increasingly competitive, which at current valuation levels leaves us more balanced. We initiate coverage with an 'Equal Weight' and $75 PT."
Shares of UiPath Inc. closed at $70.48 yesterday.
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