KeyBanc downgraded Appian to Sector Weight from Overweight without a price target. The company reported a relatively strong Q2 but reduced guidance on decelerating cloud subscription revenue, the analyst tells investors in a research note. In addition, the firm says Appian laid off 150 employees, but the current guide for the second half of 2024 does not flow through these savings. Appian is caught between decelerating growth and wanting to focus on investing for growth, says KeyBanc.
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