Appian price target lowered to $52 from $55 at DA Davidson

DA Davidson analyst Gil Luria lowered the firm’s price target on Appian (APPN) to $52 from $55 but keeps a Buy rating on the shares. The firm is adjusting its model to reflect updating certain elements of its scenario analysis of the Appian-Pegasystems (PEGA) lawsuit, namely a push-out of assumed resolution dates, the analyst tells investors in a research note. DA Davidson adds that it continues to believe Appian shares get zero credit for any lawsuit upside, which ranges from $5-$28 per share.