KeyBanc assumed coverage of Appian ( APPN ) with a Sector Weight rating and no price target The firm assumed coverage of the workflow automation sub-sector with a constructive view. The market is "significantly large" and is supported by a durable stream of opportunities from organizations executing upon their everlasting digital transformation journey, the analyst tells investors in a research note. KeyBanc sees meaningful opportunities for workflow automation providers Appian and Pegasystems to capture. It is encouraged by Appian's recent pricing and packaging changes and growth opportunity in solutions. Though, without much clarity around the company's growth and margin framework and recent leadership changes posing potential execution risks, the stock's current risk/reward is more balanced, contends the firm.