UPDATE: JPMorgan Upgrades c3.ai (AI) to Neutral

JPMorgan analyst Mark Murphy upgraded c3.ai (NYSE: AI) from Underweight to Neutral with a price target of $27.00 (from $43.00).

The analyst comments "C3 has solved for comprehensive, end-to-end, artificial intelligence at scale. C3 uses a model-driven architecture to simplify the process for developers and data scientists to integrate an open-source patchwork of technology required for large-scale AI. C3 competes in the Enterprise AI Software market, which per IDC is expected to be an $18B market as of 2020 growing to $44B by 2024, implying a ~24% CAGR. Its opportunities for growth include signing on additional lighthouse customers which can also distribute the platform to their end customers, traditional OEM relationships, growing its sales capacity meaningfully, and reducing customer concentration through higher volumes of digestible AI-driven applications. It derives 86% of its revenue from subscriptions, and typically signs 3-year contracts, creating a good level of revenue visibility, although we expect highly volatile bookings and billings patterns."

For an analyst ratings summary and ratings history on c3.ai click here. For more ratings news on c3.ai click here.

Shares of c3.ai closed at $22.06 yesterday.

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