DA Davidson raised the firm’s price target on UiPath to $24 from $20 and keeps a Neutral rating on the shares after its Q4 earnings beat. The company demonstrated continued momentum in penetrating the existing base of enterprise customers with long runways to adopt a platform approach to automation, the analyst tells investors in a research note. The firm further notes that the 50% growth in customers with over $5M in annual recurring revenue underscores the effectiveness of this approach and the receptivity to the rapid pace of UiPath’s product development, including several AI tools that are in the pipeline.
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