Analysts at KeyBanc Capital Markets initiated coverage of UiPath (NYSE:) on Sunday with an Overweight rating and a $27 price target.
“We … believe that UiPath, with its market leadership in RPA/automation and expanding product portfolio, is well positioned to further increase share of its $60 billion-plus TAM,” the analysts said in a note to clients.
Further expansion of the product portfolio and GenAI are expected to drive further adoption, analysts say. Capabilities in task mining, communication mining, document understanding and artificial intelligence, including Autopilot and clipboard AI, are examples of significant portfolio expansion over the past few years.
Other important developments and positive changes include simplification of pricing and product packaging, “tighter sales reach” among enterprise and mid-market consumers, and the creation of a customer segmentation and verticalization model.
“We believe these go-to-market changes are starting to bear fruit, as evidenced by the surge in platform expansion/adoption activity in recent quarters, which could continue into FY25 and FY26,” the analysts said.
UiPath shares closed at $21.65 on Monday, up 2.07%.