KeyBanc analyst Eric Heath lowered the firm’s price target on C3 AI (AI) to $6 from $10 and keeps an Underweight rating on the shares following a significant Q3 miss and guide below. Q3 revenue missed by 30% and Q4 revenue guided below by 36%, the firm notes. In response, management instituted a $135M cost restructuring plan, including a 26% workforce reduction. While a positive to address the cost structure of the business, visibility into revenue stabilization is low and KeyBanc meaningfully lowers estimates and continues to project large losses through its forecast period.
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