Appian price target lowered to $40 from $53 at Citi

Citi lowered the firm’s price target on Appian (APPN) to $40 from $53 and keeps a Buy rating on the shares as part of a Q1 earnings preview. The firm sees a challenging near-term deal environment for enterprise automation software companies with some deal delays expected given the macro uncertainty and potential Department of Government Efficiency disruption within federal. Citi cut the price target to account for the recent reset in software valuations.