UiPath Inc. (PATH) PT Lowered to $13 at TD Cowen

TD Cowen analyst Bryan Bergin lowered the price target on UiPath Inc. (NYSE: PATH) to $13.00 (from $15.00) while maintaining a Hold rating.

The analyst commented: "Healthy 2Q Print & 2H Outlook Is Encouraging; 2Q results were broadly above Street (ARR/Rev/AOI by 0.3%/4.1%/55%) with 3Q also ahead (by 0.5%/1.9%/11.5%) with positive underlying momentum & incremental FX supporting higher 2H outlook. Federal purchasing behavior and early agentic adoption encouraging. Key questions on normalized growth & positioning remain, but solid print & improved view may begin to shift the bias around PATH shares.

Our estimates rise. We adjust PT to $13 (3.3x CY26 EV/S & 15x EV/FCF) for recent enterprise software sector volatility. Expectations have been tepid following growth degradation & uncertainty with its restructuring, but with a solid print & improved view may begin to shift the bias around PATH shares. Key questions surrounding a 'normalized' growth level and how competitive positioning ultimately is affected from a rapidly evolving AI market remain, but more consistent performance post reorg with growth stabilization/ potential recovery while op rigor supports rising margin & FCF to support a more active buyback is encouraging."

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