UiPath rises as brokerages lift PT on Q3 profit beat

UiPath

01/12/2023 12:42

** Shares of UiPath  PATH.N  jump 13.64% to $22.45 premarket
after multiple brokerages raise PTs after the automation
software company reports strong Q3 results 
    ** At least 11 brokerages have hiked their PT on stock, with
median PT at $22
    ** PATH reports Q3 revenue of $326 mln, vs. est. $315.5 mln,
and profit of 12 cents/shr vs. est of 7 cents/shr - LSEG data
    ** Co also forecasts Q4 revenue between $381 mln and $386
mln vs est. of $383 mln - LSEG data
    ** Brokerage RBC says efficiencies and return on investment
around automation continue to resonate; raises PT to $24 from
$19
    ** "Its strategic bet, almost a year old, on driving value
for big clients with the longest/broadest automation journeys is
paying off; these customers are driving the lion's share of
growth", says D.A. Davidson, as it raises PT to $20 from $17
    ** TD Cowen expects a positive reaction in shares as the
prospects for stabilizing annual recurring revenue growth at
20%+ beyond FY24 is more; raises PT to $25 from $22    
    ** Stock up 55.4% YTD, as of last close

 (Reporting by Pranav Kashyap in Bengaluru)