Shares of c3.ai, Inc. AI, a provider of an enterprise AI application development platform, are moving sharply lower in premarket trading on Monday.
A Wolfe Research analyst downgraded shares of c3.ai from “Peer Perform” to “Underperform,” with a $14 price target, suggesting roughly 30% downside from current levels.
The stock has rallied by about 80% in the year-to-date period, riding on expectations of huge benefits from the increasing popularity of AI technology.
Wedbush analyst Daniel Ives said in a note released on Sunday that Wall Street is of the view that the company has a long way to go, as expansion and monetization continued to be an uphill battle.
"AI continues to be a ‘prove-me' name and the company’s execution on these tailwinds remains to be seen," he added.
In premarket trading on Monday, c3.ai was moving down 4.94% to $19.07, according to Benzinga Pro data.
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