Jefferies initiated coverage of Presto Automation with a Hold rating and 62c price target. The company’s growth strategy hinges on restaurants adopting AI-based solutions to run more efficiently, notes the analyst. On the positive side, management has reported having several MSAs or pilot agreements for its Voice solution, but on the negative side traction has been limited and AI solutions currently drive immaterial revenue, says the analyst, who sees the current financial profile as a risk and would remain on the sidelines.
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