C3.ai Stock Is Headed to $40, According to This Wall Street Analyst
Share prices of C3.ai (NYSE: AI) were surging after the company's quarterly business update on Wednesday. The report highlighted the booming demand for enterprise artificial intelligence (AI) software. The company's revenue beat the Wall Street consensus estimate, and one firm sees more upside for the stock.
Wedbush Securities analysts kept an outperforming rating on the stock and raised their price target from $35 to $40, representing about 10% upside from the current share price. The price target by itself shouldn't matter to an investor who is looking for much bigger gains over the long term. In this case, Wedbush noted the quarter validated its confidence in the growth story, which is an important signpost for any investor.
C3.ai reported a revenue increase of 18% year over year, a slight acceleration over the 17% increase in the previous quarter. On the earnings call, C3.ai CEO Thomas Siebel emphasized that data centers are investing in AI for more than consumer applications, stating, "The market interest in enterprise AI is staggering."
Source Fool.com
