Morgan Stanley analyst James Faucette maintained a Buy rating on TaskUs (TASK – Research Report) today and set a price target of $21.00.
James Faucette has given his Buy rating due to a combination of factors that highlight TaskUs’s strong growth potential and strategic positioning in the AI services sector. The company’s established relationships with key technology clients such as Meta, OpenAI, and Waymo are expected to drive significant revenue growth. TaskUs is projected to achieve double-digit revenue growth in 2025, with a forecasted adjusted EBITDA of 20-21%, supported by increased spending from top clients and expanding AI services.
Faucette emphasizes that TaskUs is well-positioned to benefit from the growing demand for AI services, contrary to the market’s perception of the company as an AI laggard. The company’s AI services vertical is anticipated to outpace overall revenue growth, making it a leading growth story within the IT services sector. Additionally, recent funding rounds by TaskUs’s clients, such as Waymo and OpenAI, are expected to catalyze demand for TaskUs’s services, further reinforcing the Buy rating.