Appian upgraded to Buy from Neutral at DA Davidson

DA Davidson analyst Gil Luria upgraded Appian (APPN) to Buy from Neutral with a price target of $55, up from $50. The analyst sees upside in the shares from the company’s Pegasystems (PEGA) lawsuit. The hearings date in the Court of Appeals of Virginia for has now been set for November 15, the analyst tells investors in a research note. The firm finds Appian “better positioned for upside,” saying the market continues to grant practically zero lawsuit value to the stock. At minimum, Appian most likely receives $500M either in the second half of 2024 or the first half of 2025 regardless of the appeal’s outcome, and special situations investors “will see a market which has not priced in this reality,” writes DA Davidson.