William Blair analyst Jake Roberge downgraded UiPath to Market Perform from Outperform without a price target. The company’s Q1 results underwhelmed expectations and it announced the resignation of CEO Rob Enslin, the analyst tells investors in a research note. The firm says UiPath’s challenges are “multifaceted” and include more pronounced macro headwinds, operational issues related to sales compensation on multiyear renewals, and a CEO transition that could lead to execution issues throughout the year. Blair believes this could be a year of transition for UiPath given the execution issues and limited visibility that the company has into large deal renewals.
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