C3.ai: Out Of Steam (Rating Downgrade)
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Update - June 23, 2023
C3.ai has fallen back to earth after the Investor Day meeting. The Deutsche Bank analyst call on the meeting suggests the company still isn't ready to produce actual numbers from the generative AI demand.
- C3.ai () shares on Friday after investment firm Deutsche Bank reiterated its sell rating on the enterprise software company after it held its investor meeting.
- Analyst Brad Zelnick said the event "left a lot to be desired" as there were
- "While we appreciate the vast opportunity presented by AI, the event did nothing to ease our skepticism on the true differentiation of the company's platform, its traction with customers or its ability to hit its constantly evolving financial targets," Zelnick wrote in an investor note.
Original article posted on May 31
- C3.ai, Inc. stock has slumped following its release of fiscal Q4 2023 earnings and rather muted guidance for Fiscal Year 2024.
- The enterprise artificial intelligence software business continues to gain momentum with new deals, but the company only guided to FY2024 revenues in the $310 million range.
- C3.ai, Inc. stock still trades above a prior FY2024 price target of $32 based on sales topping the current forecast.