- Needham analyst Scott Berg reiterates UiPath Inc PATH with a Buy and a $20 price target.
- UiPath reported solid 4Q results as several recent Go-to-Market changes resonate better with customers, driving a health ARR beat of nearly $27 million.
- However, Berg expects PATH shares will trade higher Thursday on profitability and FCF guidance materially ahead of expectations highlighting the impact of the company's recent layoffs.
- Regarding operational GTM changes, the company's newer vertical sales strategy and solution accelerators highlighted many recent improvements.
- The analyst expects some to point to the announced departure of the Chief Business Officer as a point of uncertainty for FY24. Still, Co-CEO Bob Enslin's strong global sales leadership experience should be able to quell any concerns here.
- RBC Capital analyst Matthew Hedberg maintains UiPath with a Sector Perform and raises the price target from $15 to $17.
- UiPath delivered solid results ahead of expectations and high-end guidance.
- Additionally, UiPath raised the FY24 guide on an absolute basis off better-than-expected FY23 results, which points to 18.6% revenue and ARR growth vs. 18% previously outlined.
- Overall, Hedberg likes its core business's momentum and broader conversations around the potential of generative AI and ChatGPT integration.
- JP Morgan analyst Mark Murphy maintains UiPath with a Neutral and raises the price target from $16 to $18.
- The analyst reaffirms a positive tactical view with the ARR growth still slowing but regaining the narrative and improving margins.
- Wells Fargo analyst Michael Turrin maintains UiPath with an Overweight and raises the price target from $18 to $20.
- A solid Q4 beat-and-raise provided encouraging signs that the bar for PATH has now been framed with appropriate conservatism, presenting a more favorable path into FY24 post a series of GTM and product-focused changes (& headwinds felt) in FY23.
- The price target reflects a sizeable market opportunity for automation-enabling technologies and PATH's established position within RPA.
- Price Action: PATH shares traded higher by 15.71% at $16.94 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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