Morgan Stanley lowered the firm’s price target on Appian (APPN) to $41 from $45 and keeps an Overweight rating on the shares. Though Cloud decelerated to 16% constant currency growth in Q4 from 18% in Q3, Appian exited 2025 with strong Federal momentum, an inflecting commercial North America business, and “healthier” cloud expansion and upsells, the analyst tells investors.
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