C3.ai price target raised to $27 from $19 at JMP Securities

JMP Securities analyst Patrick Walravens raised the firm’s price target on C3.ai to $27 from $19 and keeps an Outperform rating on the shares. The company reported generally better-than-expected results for Q3 and guidance was also better than forecast, as C3 is seeing "improved business optimism and increased interest" accentuated by the shift to a consumption model, the analyst tells investors in a research note. The firm thinks C3 is an attractive opportunity for capital appreciation for several reasons including that the company has 42 different AI/ML applications built on an underlying, model-driven architecture, and that the leadership team is experienced and has navigated previous companies to good outcomes in a difficult macro.