UiPath price target raised to $19 from $18 at RBC Capital

RBC Capital analyst Matthew Hedberg raised the firm’s price target on UiPath to $19 from $18 and keeps a Sector Perform rating on the shares. The company’s Q4 results were “solid” with annual recurring revenue growth of 25% along with “impressive” profitability and FY24 guidance raise, the analyst tells investors in a research note. AI continues to be an integral piece of the long-term thesis as management believes that success thus far is reflected in this quarter’s above-30% growth in above-$1M customers, the firm adds.