Shares of C3.ai, Inc. (AI) plunged around 5% in pre-market trading on Thursday, following a downgrade by KeyBanc Capital Markets analysts who cited concerns about the company's subscription revenue growth and high operating losses.
In a research note, KeyBanc analyst Eric Heath downgraded C3.ai to "Underweight" from "Sector Weight" and set a price target of $29. The analyst expressed concerns that consensus revenue estimates for fiscal years 2026 and 2027 "may be too high" considering the company's subscription revenue growth, excluding upfront license, moderated to a 1% year-over-year decline in the recent fiscal second quarter.
Heath also pointed to C3.ai's "large operating losses" and potential risks if its partnership with Microsoft Corp. "does not yield material results." The analyst firm believes the company's shares are trading at an unfavorable risk-reward compared to its peers.
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