UiPath Inc. (PATH) PT Lowered to $40 at Needham & Company

Needham & Company analyst Scott Berg lowered the price target on UiPath Inc. (NYSE: PATH) to $40.00 (from $85.00) while maintaining a Buy rating following Q4 results.

The analyst commented, "PATH reported strong 4QF22 results, with a one point acceleration in ARR growth (+59% Y/Y) to $925mm versus $902mm guidance However, management issued a cautious outlook due to the economic disruption in Europe resulting from the Ukraine conflict, including both headwinds to sales and F(x). Management noted large customers in Europe comprising 30% of total revenue in both enterprise and government have taken a more cautious stance on spending near-term as priorities have shifted to BCPs and helping to re-settle refugees. We believe management's detailed guidance around the impact to ARR and revenue will be received positively by investors once fully digested, and we believe the sell-off provides an attractive valuation and entry point for investors. The other key piece of news is a new CBO, Chris Webber has replaced CRO, Thomas Hansen."

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