KeyBanc Lowers C3.ai Price Target to $6
KeyBanc analyst Eric Heath lowered the price target on C3.ai (NYSE: AI) to $6.00 (from $10.00) while maintaining an Underweight rating.
“F3Q Miss and Guide Below on Execution Missteps; Reiterate underweight following a significant F3Q miss and guide below due to sales misexecution.
F3Q revenue missed by 30% and F4Q revenue guided below by 36%. In response, mgmt instituted a $135M cost restructuring plan, including a 26% workforce reduction.
While a positive to address the cost structure of the business, visibility into revenue stabilization is low and we meaningfully lower estimates and continue to project large losses through our forecast period.
As such we lower our estimates and lower PT to $6.”
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