C3.ai continues to surge as DA Davidson calls it 'truly scarce asset'
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C3.ai (NYSE:AI) continued its surge to start 2023, gaining 15% on Friday, as investment firm D.A. Davidson & Co. started coverage on the artificial intelligence software company, calling a "truly scarce asset."
Analyst Gil Luria initiated coverage on C3.ai (AI) with a buy rating and a $30 per-share price target, implying some 20% from current levels.
Luria noted that the emergence of generative artificial intelligence as a "killer app" for AI is giving the company the opportunity to monetize its investments in the space.
Led by software executive, Thomas Seibel, C3.ai (AI) has gained 132% year-to-date and is up nearly 8% over the past 12 months, erasing the losses seen in 2022.
Earlier this week, C3.ai (AI) announced a new artificial intelligence focused product suite, known as C3 Generative AI Product Suite.
The new suite uses natural language to "rapidly locate, retrieve, and present all relevant data across the entire corpus of an enterpriseâs information systems."
C3.ai (AI) added the suite integrates other AI systems, including Open AI's ChatGPT, as well as offerings from Google (GOOG) (GOOGL) and academics, into its enterprise AI products.
Morgan Stanley listed C3.ai (AI) among popular takeover targets for private equity in a research report last month.