Appian upgraded to Buy from Neutral at Citi

Citi upgraded Appian to Buy from Neutral with a price target of $45, down from $47. The analyst cites an attractive valuation following the stock’s recent underperformance for the downgrade. With consensus estimates for 2024 looking achievable and a ramp to breakeven and profitability heading into the second half of the year, Citi sees potential for a stock rerating as Appian’s growth comes back into favor, the analyst tells investors in a research note.