Top Stock Picks for 2024: UiPath

Software and robotics stock UiPath could be a turnaround story for this year

Senior Vice President of Research
Jan 10, 2024 at 10:20 AM
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Every day for the next three weeks, we're going to highlight one of Schaeffer's top 12 picks for 2024. For today, we have software robotics stock UiPath Inc (NYSE:PATH). To access the entirety of the 2024 report, click here.

If you are looking for a potential " turnaround play" for your portfolio in 2024, software name UiPath (PATH) looks like a good pick. In December, the shares broke out above a two-year basing range between $11 and $21, while also enjoying a post-earnings bull gap after their Nov. 30 report. The successful earnings report could be attributed to a top-and bottom-line beat, as well as spiking operating margins and revenue growth that surpassed analyst expectations.

Short interest peaked in mid-August and is slowly rolling over, which suggests short covering could become a tailwind for the shares. There is also plenty of room for bull notes to roll in, per the 10 of 16 following brokerages that carry a " hold" recommendation, as well as the average 12-month price target of $23.24, which is a nearly 10% deficit to current trading levels.

PATHTop24

 

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