UiPath price target raised to $18 from $16 at BofA

BofA analyst Brad Sills raised the firm’s price target on UiPath to $18 from $16 and keeps a Neutral rating on the shares after the company reported better Q2 revenue and ARR upside driven by somewhat better execution. The firm updated its estimates based on guidance and while “encouraged by improving execution and better operational productivity,” the firm notes that company is operating at a “rule of 21” sum of growth and margin and argues that at its size and scale the business “should be performing at a rule of 40+.”