Shares of Appian (NASDAQ: APPN) gained as much as 5% today after a Wall Street analyst raised his price target on the stock. As of 12:45 p.m. EST, shares had given up some of those gains and were up just 2%.
Morgan Stanley analyst Sanjit Singh remains bearish on Appian's prospects, reiterating an underweight (equivalent to sell) rating on the stock. However, Singh adjusted his price target on Appian from $80 to $100, which represents approximately 46% downside relative to yesterday's closing price. The analyst acknowledged that conditions are improving, and low code application development is becoming more important for many enterprise chief information officers, citing channel checks.
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Source Fool.com