- Citing the "unwarranted" November rally, Barclays downgrades Appian (NASDAQ:APPN) from Equal-Weight to Underweight and maintains a $76 price target.
- Analyst Raimo Lenschow says Appian's share price surge isn't justified by the company's fundamentals and growth potential.
- The analyst thinks the rally was driven by technical factors rather than a sentiment change, and he expects the stock to de-rate.
- Appian shares have shrugged off the downgrade, sitting relatively flat at $139.93.
- Previously: Appian stock gained 200% in the past month, making APPN one of tech's top gainers (Nov. 30 2020)