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Scotiabank analyst Nick Altmann initiated coverage of Appian (APPN) with a Sector Perform rating and $37 price target The firm tells investors in a research note that customer feedback has been positive on Appian’s positioning, and the total addressable market, or TAM, remains sizable at about $30B, which can lead to continued growth opportunities, the analyst tells investors in a research note. At the same time, Scotiabank says it remains unclear how meaningful the impact of Appian’s newfound focus on margin will be on growth durability, which is likely to cloud medium-term visibility as software peers look for continued stabilization and reacceleration.

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