Why Appian Stock Dipped Today
Shares of Appian (NASDAQ: APPN) have dipped by as much as 5% after a Wall Street analyst reiterated a neutral view on the company. Cowen maintained a "market perform" (equivalent to neutral) rating on Appian while analyst Derrick Wood adjusted his price target from $83 to $175. The tweak comes as the broader market is selling off, with tech stocks getting hit particularly hard.
The analyst notes that Appian shares have experienced a "profound" rerating, as the stock had nearly tripled since Appian reported third-quarter results in November. That has created some concerns around the company's valuation, in Wood's view.
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Source Fool.com
