UPDATE: Barclays Starts UiPath Inc. (PATH) at Equalweight

Barclays analyst Raimo Lenschow initiates coverage on UiPath Inc. (NYSE: PATH) with a Equalweight rating and a price target of $71.00.

The analyst comments "We see a multi-year, high-growth story and expect UiPath to be one of the next megavendors in software. However, post the successful IPO and subsequent healthy trading, UiPath has reached valuation levels similar to the other hyper-growth asset in our space (SNOW) and hence we see less room for further relative outperformance. Hyperautomation Yields a $60bn+ TAM: UiPath sits on the intersection of three new market segments - Robotic Process Automation (RPA), Process Mining and Business Process Management/Low-Code - that can be summarized under the hyperautomation theme. The background here is the vast proportion of business workflows still include manual, repetitive tasks. Given the progress in technology between AI/ML and computer vision, many of these tasks can be automated. Per company and analyst estimates, this creates a $60bn total addressable market (TAM) that can easily grow meaningfully higher."

For an analyst ratings summary and ratings history on UiPath Inc. click here. For more ratings news on UiPath Inc. click here.

Shares of UiPath Inc. closed at $70.48 yesterday.

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