Piper Sandler lowered the firm’s price target on C3 AI (AI) to $28 from $42 following multiple revision to reflect peer group compression, while keeping a Neutral rating on the shares. The firm notes C3 AI posted in-line Q3 revenue results, with operating loss results coming in better than expected. Further, the company expanded partnerships with Microsoft (MSFT), AWS (AMZN), and McKinsey QuantumBlack which helped drive growth in the quarter. Piper finds the results impressive given the company is prioritizing growth over profitability given the vast opportunity that it sees for enterprise AI.
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