Innodata price target raised to $40 from $23 at Craig-Hallum

Craig-Hallum analyst George Sutton raised the firm’s price target on Innodata (INOD) to $40 from $23 and keeps a Buy rating on the shares following the company’s Q3 earnings results. The firm noted that the outperformance was “largely the result of the company’s largest customer ramping in scale and contributing ~$31M of revenue in the quarter,” adding that it “should continue at that kind of pace in Q4 as well, given the guidance.” Craig-Hallum concluded that given how early AI adoption is, the firm is “comforted that budgets are getting bigger for 2025.”