Appian rises after Morgan Stanley upgrades to 'equal-weight'

Appian

03/12/2021 10:54

** Shares of software developer  APPN.O  up 1.1% at $69.65
in premarket trading
    ** Morgan Stanley raises stock to "equal-weight" rating from
"underweight"
    ** Says recent M&A position APPN to better compete in a
consolidating enterprise automation market
    ** Adds APPN's ability to offer a more end-to-end solution
for its mid-market and enterprise customer base should enable co
to sustain 25% plus subscription growth
    ** But brokerage cuts PT to $87 from $95
    ** "While the evolving competitive landscape in the
automation space remains a key risk to monitor, the combination
of more reasonable valuation levels and an expanded product
offering for workflow automation make the risk/reward skew more
balanced in our view" - MS
    ** Avg. rating of 10 analysts is "hold"; median PT is $92 -
Refinitiv data
    ** As of last close, stock had fallen ~57% this year


    

 (Reporting by Tiyashi Datta in Bengaluru)
 ((tiyashi.datta@thomsonreuters.com))