Appian price target raised to $41 from $37 at KeyBanc

KeyBanc raised the firm’s price target on Appian to $41 from $37 and keeps an Overweight rating on the shares. The firm cites continued execution toward an EBITDA breakeven model. That said, Appian shares may need an additional catalyst, which KeyBanc believes could include more streamlined expenses and more consistent positive free cash flow along with stabilizing cloud growth toward 20% levels.