Barclays Downgrades Appian To Underweight On 'Unwarranted' 121% Rally

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Barclays analyst Raimo Lenschow downgraded Appian (APPN) to Underweight from Equal Weight with an unchanged price target of $76.

The 121% rally in the shares in November is driven primarily by technical factors rather than a change in fundamental narrative, Lenschow tells investors in a research note. The analyst, who says Appian is now one of the most expensive stocks in his coverage, views the rally as "unwarranted" and expects the stock to de-rate.

Appian's "rich" valuation is unjustified based on its growth prospects and mix of professional services, says Lenschow.

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