Appian price target lowered to $45 from $50 at KeyBanc

KeyBanc analyst Thomas Blakey lowered the firm’s price target on Appian to $45 from $50 due to decelerating Cloud growth, while keeping an Overweight rating on the shares. The firm says its price target represents 5.5-times 2024 enterprise value/sales, in line with current peer multiples using a weighted average next twelve months enterprise value/sales approach by growth cohort, free cash flow generation, and market cap.