Shares of C3.ai (NYSE:AI) are surging in today’s session, as they are up almost 30% at the time of writing. This can be attributed to analyst praise on top of a strong earnings report. Dan Ives of Wedbush has a Hold rating on the stock but boosted his price target to $24 per share. For reference, his previous price target was $13.
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Ives said the company continues to see improving demand for its products and services but also added that C3.ai faces some bumps in the road. This includes its “monetization strategy for its high-demand Generative AI suite, which fundamentally changes the human interface for enterprise application.” Nevertheless, he believes the “blueprint is there” for the company to be successful by pointing to its plan of becoming profitable by the end of Fiscal Year 2024.
Overall, Wall Street analysts have a consensus price target of $20.88 on AI stock, implying over 24% downside potential, as indicated by the graphic above.
