C3.ai (NYSE:AI) stock is on the move Friday after Deutsche Bank analyst Brad Zelnick slapped shares with a $16 price target.
That price target is a reiteration of Zelnick’s prior feelings on AI stock. To go along with it, the Deutsche Bank analyst also reiterated a “sell” rating for the company’s shares. This follows an investor day presentation earlier this week that failed to impress the firm.
Zelnick said the following about the presentation in a note to clients obtained by CNBC:
“While we appreciate the vast opportunity presented by AI, the event did nothing to ease our skepticism on the true differentiation of the company’s platform, its traction with customers or its ability to hit its constantly evolving financial targets.”
What Other Analysts Think About AI Stock
Deutsche Bank’s price prediction and rating for AI stock are overly bearish compared to peers. The current analyst consensus includes a median price target of $23.50 per share alongside a “hold” rating.
Investors will also keep in mind how much AI stock could fall based on the recent price prediction. If the stock does indeed drop to $16 per share, it would represent a roughly 57% decline from the stock’s prior closing price.
With this bearish stance for AI stock, shares are falling 10% in Friday morning trading. However, those shares are still up by around 200% since the start of the year.
Investors keeping an eye out for all of the hottest stock market news are in the right place!
We have all of the biggest stock market stories that traders need to know about on Friday. Among that is what has shares of Virgin Galactic (NYSE:SPCE), Lucid Group (NASDAQ:LCID) and Spark Networks (NASDAQ:LOV) stock on the move today. You can find out more on these matters at the following links!
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- Why Is Spark Networks (LOV) Stock Down 42% Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
