UiPath price target raised to $17 from $16 at DA Davidson

DA Davidson raised the firm’s price target on UiPath to $17 from $16 and keeps a Neutral rating on the shares after its Q2 earnings beat and guidance raise. The firm notes that it was “impressed” by a significant increase in FY24 adjusted free cash flow guidance, approaching 20% margin, driven by the benefits of a leaner business model deriving more growth from value-creation for enterprise customer. It is clear that UiPath’s revamped go-to-market approach is working, with an increasing share of growth driven by existing, anchor customers with over $1M in ARR, the analyst tells investors in a research note.