Shares of Innodata (INOD) saw a significant surge of 5.33% in Friday's intraday trading session, following a positive initiation of coverage from Wedbush Securities.
Wedbush analyst David Nierengarten initiated coverage on the digital services and data transformation company with an Outperform rating and a price target of $48 per share. According to Nierengarten, Innodata is the partner of choice for data quality, scale, and agility, with contracts already in place with five of the "Magnificent 7" tech giants, and two more deals expected later this year.
The analyst believes that Innodata's decades of experience and expertise in data annotation and AI will position the company as a leader in the rapidly growing field. Nierengarten cited Innodata's capabilities in delivering high-quality data and agility as key strengths that will drive its success in the AI market.
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