UiPath (PATH) delivered another "stable" quarter in Q3 with solid execution and outperformance across metrics, RBC said in a Wednesday note.

"Restructuring noise is seemingly in the rearview, as management expects continued stability from here," it said.

The report also pointed to positive commentary on agentic traction as more customers are developing agents on UiPath, but it remains early days for monetization.

UiPath reported a better-than-expected Q3 performance late Wednesday, and guided Q4 revenue in the range of $462 million to $467 million, with analysts expecting $463 million.

"Following a good quarter, we look for continued stability and more material traction in the highly competitive agent orchestration opportunity," the report said.

RBC raised its price target to $16 from $14 while maintaining its sector perform rating on the company.

Price: 17.55, Change: +2.69, Percent Change: +18.07