UiPath (PATH) remains a "show-me story" as it works to demonstrate improved financial results from its transition toward business orchestration and automation technologies, or BOAT, RBC Capital Markets said.

Customers moving to the full BOAT platform from UiPath's core robotic process automation, or RPA, offering meaningfully improves unit economics. UiPath management also said that BOAT adoption leads to customers deploying larger orchestrated workflows and expanding their RPA footprint, RBC noted in a Tuesday note.

The company aims to tap into a $142 billion total addressable market by 2030 by converting its RPA base to the full BOAT platform, signing new customers with vertical solutions and through application testing.

UiPath's artificial intelligence annual recurring revenue has already surpassed $250 million as of fiscal Q2, up more than 50% year over year, according to the note.

RBC maintained its sector perform rating on UiPath and cut its price target to $15 from $17.

Shares of UiPath were down 1.1% in Wednesday trading.

Price: 13.11, Change: -0.15, Percent Change: -1.09