Appian price target lowered to $50 from $55 at Truist

Truist analyst Joe Meares lowered the firm’s price target on Appian to $50 from $55 but keeps a Buy rating on the shares. The company reported a “solid” Q3, surpassing 100 $1M ARR customers, the analyst tells investors in a research note. The firm adds however that it is decreasing its 2024 cloud sub revenue growth estimate from about 25% to about 20%, owing to the “still strained macro”.