KeyBanc Capital Markets has adjusted its price target for C3AI (AI, Financial), bringing it down to $17 from a previous $21. This decision reflects concerns over weaker macroeconomic indicators and declining multiples among industry peers.
The firm's assessment indicates that while first-quarter bookings for C3AI might meet expectations, the outlook is tempered by a slowing in new signings. Consequently, KeyBanc suggests that upcoming guidance from C3AI may lean towards caution as the company navigates this period of pipeline development amid slower contract closures.
Despite the lowered price target, KeyBanc maintains an Overweight rating on the shares, expressing continued confidence in the company's long-term potential.
