KB starts AI company's UiPath stock at Overweight

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KB starts AI company's UiPath stock at Overweight
Credit: © Reuters.

KeyBanc Capital Markets analysts initiated coverage on UiPath (NYSE: PATH ) stock Sunday with an Overweight rating and a price target of $27.

“We…believe UiPath, with its market leadership position in RPA/automation and expanding product portfolio, is well positioned to continue driving share gains in its $60B+ TAM,” said the analysts in a note to clients.

Continued product portfolio expansion and GenAI are expected to drive further adoptions, said the analysts. Task Mining, Communications Mining, Document Understanding and Gen AI capabilities including Autopilot and Clipboard AI are examples of meaningful portfolio expansion in the last few years.

Other important developments and positive changes include the simplification of product pricing and packaging, “denser sales coverage” across enterprise and mid-market consumers, and the creation of a customer segmentation and verticalization model.

“We believe these go-to-market changes are beginning to bear fruit, as seen by an uptick in expansion/platform adoption activity in recent quarters, which could continue in FY25 and FY26,” said the analysts.

On Monday, UiPath Stock closed at $21.65, up 2.07%.

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