Appian Corp A

APPN: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$18.00	Ghhf	Vypjlggnf

Appian: AWS Partnership and AI-Infused Platform Upgrades Bolster Process Automation Offering

Emma Williams

Apr 17, 2024

No-moat Appian announced preliminary first-quarter 2024 results at the firm’s annual customer conference, Appian World, which met our top-line expectations and slightly exceeded our non-GAAP adjusted EBITDA forecasts. Based on this announcement, we make no changes to our $42 fair value estimate and will update our valuation model once full results come out around early May. On a risk-adjusted basis, Appian shares continue to screen as fairly valued.

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