C3 AI price target raised to $42 from $24 at Piper Sandler

Piper Sandler raised the firm’s price target on C3 AI (AI) to $42 from $24 and keeps a Neutral rating on the shares. The firm notes C3 AI posted impressive Q3 results, with revenues of $94.3M ahead of Street’s $91M. Growth was driven by continued momentum both across Federal and commercial segments, including new logos and growing client wallet share. Further, its expanded agreement with Microsoft (MSFT) is still in its early stages and could potentially drive material upside, Piper adds.