Scotiabank starts UiPath with Sector Perform awaiting better entry

Scotiabank last night initiated coverage of UiPath with a Sector Perform rating and $29 price target. The company’s foray into a broader automation platform comes with a sizeable and proven total addressable market, and will provide UiPath with further opportunities to gain wallet share among existing clients, the analyst tells investors in a research note. However, the firm says the company’s opportunities come with challenges, namely a dynamic end-market and rising competition. It waits for a better entry point before recommending shares.