Appian price target raised to $40 from $33 at DA Davidson

DA Davidson analyst Gil Luria raised the firm’s price target on Appian (APPN) to $40 from $33 and keeps a Neutral rating on the shares. The company’s Q3 results sustained outsized improvements in profitability vs. expectations, and a government business that continues to grow in excess of 20%, the analyst tells investors in a research note.