Evercore ISI analyst Kirk Materne raised the price target on UiPath Inc. (NYSE: PATH) to $15.00 (from $11.00) while maintaining a In Line rating.

The analyst comments "PATH delivered solid F1Q results, headlined by ARR of $1,693mn (+12%) vs. our/Street expectations of $1,682/1,689mn, revenue of $357mn (+6%) vs. our/Street expectations of $333/333mn, and op. margins of 20% vs. our/Street expectations of 13% as the company’s prior business model transformation and operational efficiencies materialized. Mgmt. cited similar variability in the macro environment when looking ahead to F2Q as seen in F1Q, but mgmt. now expects favorable timing and mix of deals between the second and third quarters. The public sector continued to see some moratoriums in place though the tone was slightly more positive q/q. Bottom Line: F1Q demonstrated PATH’s ability to deliver solid results even in a choppy backdrop, though the company continues to take a cautious tone given the variable execution environment. While there are some positives worth calling out in terms of favorable deal timing and early traction with PATH’s agentic offerings, we believe stringing a couple quarters together of outperformance, a flattening of NRR, and further proof points around the agentic strategy are likely needed to shift investor sentiment in a more positive direction. But this was a solid start to FY26. Maintain In Line and move PT to $15 (~4x EV / CY26 revenue)."