BMO Capital raised the firm’s price target on UiPath (PATH) to $16 from $15 and keeps a Market Perform rating on the shares. The company had a reasonable quarter, with modest upside in key metrics such as net new annual recurring revenue and its new agent tools offer incremental opportunities, even though the market will be competitive, the analyst tells investors in a research note. BMO adds however that while the stock’s valuation is compelling, there are too many moving parts in UiPath’s underlying business to move to a more constructive stance.
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