BofA raised the firm’s price target on UiPath to $30 from $26 and keeps a Buy rating on the shares after the company reported “strong” Q4 results, including revenue and ARR, or annual recurring revenue, both exceeding the firm’s estimates. The firm believes UiPath has a leading robotic process automation, or RPA, platform and thinks the company can continue to consolidate share of the $38B RPA market, adding that it applies a higher multiple to its estimates to reflect revenue upside and continued momentum with new go-to-market initiatives.
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