UBS and RBC each cut their UiPath price target to $15 on Sept. 22, from $19 and $17, respectively, keeping UBS at Neutral and RBC at Sector Perform. UBS noted that UiPath gave no preliminary fiscal 2028 annual recurring revenue (ARR) outlook after its investor day.
UiPath’s Q2 fiscal 2027 revenue rose 13% year over year to $410 million; ARR climbed 12% to $1.938 billion as of July 31, 2026, including $37 million in net new ARR. Customers with at least $1 million in ARR grew 21% year over year to 387.
UBS said the missing fiscal 2028 outlook suggests UiPath is comfortable with analysts’ estimates of roughly 10% ARR growth. It is watching whether Coding Agents help customers convert existing automation backlogs faster, lifting near-term revenue and ARR. RBC called UiPath a “show-me story.” Customers with at least $1 million in ARR accounted for 50% of current-period revenue, though no single customer accounted for 10% or more; the company also faces intense competition in agentic automation.
