C3.ai, an enterprise AI software applications company, experienced a drop in its share price on Monday, declining by 2.57% to close at $20.06. This decrease followed an investment firm’s decision to revise its price target for the company downward. DA Davidson lowered the target from $25 to $18, citing broader economic challenges, including the possibility of negative GDP growth in upcoming quarters.
As part of the reassessment, the firm highlighted concerns about reduced consumer spending and corporate investment, which are likely to impact the software industry as a whole. Despite these challenges, C3.ai continues to provide over 130 AI applications across industries such as manufacturing, government, utilities, and more.