Stocks to buy

Keep Your Eye on AI! The Stock’s $50+ Breakthrough Is Coming.

Is enterprise artificial intelligence company (NYSE:AI) the real deal, or just a speculative hype story? The answer, as usual, can be found in the financial data. Don’t dismiss AI stock as a bursting bubble, as’s forecast-beating revenue growth is indisputable.

Investors might find it frustrating that the share price still hasn’t recovered to $100. That’s a long way away, but $50 is possible in 2024. If you’re still skeptical, stick around and we’ll figure out why analysts are raising their stock price targets. CEO: AI’s Impact ‘Is Not Ephemeral’

Thomas Siebel,’s chief executive, doesn’t mince words. He said in a recent interview that the affect of AI “is not ephemeral” and added, “This is very significant. It’s a very important and it’s going to be huge.”

Nvidia’s (NASDAQ:NVDA) blockbuster fourth-quarter 2023 results tend to confirm Siebel’s optimism about the future of AI. But then, also delivered outstanding quarterly results indicating strong AI-market demand.

Indeed, Siebel has every right to declare that fiscal 2024’s third quarter was a “great quarter” for

The company grew its revenue 18% year over year to $78.4 million, beating the analysts’ consensus estimate of $76.14 million. This result also came in above’s previously published guidance of $74 million to $78 million in expected quarterly revenue.

What about the bottom-line results? In Q3 of fiscal 2024, reported a non-GAAP net earnings loss of 13 cents per share. That’s a lot better than the loss of 28 cents per share analysts had expected.

So, if you’re a stickler for profitability, I encourage you to keep an open mind. isn’t currently profitable, but a net loss of 13 cents per share isn’t terrible if AI stock is $30 or more.

Analysts Expect AI Stock to Rally

Considering’s excellent quarterly results, Wall Street’s experts took notice and some of them envision significantly higher share prices.

For example, Wedbush analyst Dan Ives raised his AI stock price target from $35 to $40. Furthermore, Ives views Q3 FY2024 as a “step in the right direction for C3.”

Meanwhile, Canaccord analysts lifted their stock price target from $27 to $31, and Morgan Stanley analysts increased their price target on shares from $20 to $21.

However, the Morgan Stanley analysts will probably have to revise their price target, since shares rallied to $33 post-earnings.

I tend to concur with Ives’ optimistic price target. expected to generate revenue of $306 million to $310 million for fiscal 2024, and that range is above Wall Street’s consensus estimate of $305.6 million.

If hits its target revenue range, AI stock deserves to move higher in the coming months.

AI Stock: $50+ Is Only a Matter of Time

Ives envisions the stock price reaching $40, but that forecast might be too conservative. After all, just posted forecast-beating results and optimistic full year revenue guidance.

Maybe it will just take a little more time for analysts to appreciate’s growth potential. In the meantime, investors should target $50 or more for AI stock and can start building their share position now.

On the date of publication, David Moadel did not have (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 Publishing Guidelines.

David Moadel has provided compelling content – and crossed the occasional line – on behalf of Motley Fool, Crush the Street, Market Realist, TalkMarkets, TipRanks, Benzinga, and (of course) He also serves as the chief analyst and market researcher for Portfolio Wealth Global and hosts the popular financial YouTube channel Looking at the Markets.

Articles You May Like

7 Terrible Tech Stocks to Avoid at All Costs
3 Smart Fabric Stocks Weaving Tech Into Textiles
3 Cathie Wood Stocks That Could Heat up Once Interest Rates Dip
3 Consumer Stocks to Buy Now: Q3 Edition
3 Cybersecurity Stocks to Buy at a 52-Week Low in July