Appian price target raised to $41 from $40 at Citi

Citi raised the firm’s price target on Appian (APPN) to $41 from $40 and keeps a Buy rating on the shares. The firm notes Appian reported better-than-feared Q1 results, with a healthy 1.9% top-line beat and $7.6M EBITDA beat partly flowed through to the raised/widened full year guides. Management noted no macro impacts to pipeline or sales cycles so far, including the Fed biz that had an especially strong bookings quarter with cautious optimism for the remainder of the year. Citi also points out that AI monetization is progressing with the new Advanced tier driving $9M in revenue for the quarter despite still early innings on the back-to-base upgrade cycle. The firm is encouraged by the Fed results/outlook, progress on AI monetization, and margin upside.