Appian's Q3 Cloud Growth Indicates AI Strategy Resonating With Market, Morgan Stanley Says

10:34 AM EST, 11/06/2026 (MT Newswires) -- Appian's (APPN) Q3 cloud growth and boost to 2026 guidance suggest its AI strategy is resonating with the market, as demand in core verticals remains robust amid client additions and faster-than-expected pipeline growth, Morgan Stanley said in a Friday research note. The company's Q3 annual recurring revenue growth was the most impressive metric, which reflected better new business momentum, according to the note. The company reported Q3 adjusted net income Thursday of $0.51 per diluted share, up from $0.32 a year earlier. Analysts polled by FactSet expected $0.33. The company's Q4 EBITDA was below consensus at the midpoint, attributable to ongoing hiring, higher expected bonus expenses, and several client events, analysts wrote. Morgan Stanley reiterated its equal-weight rating on the stock and raised its price target to $57 from $32. Price: 51.40, Change: -2.63, Percent Change: -4.87