C3.ai's (AI) leadership change could increase the company's chances of being a mergers & acquisitions target, Wedbush said in a note Thursday, following the announcement that founder and Chief Executive Thomas Siebel will step down once a successor is appointed.
"We believe that coming off the news that Siebel is stepping down as CEO significantly increases the chances of C3 being an M&A over the next three to 12 months," Wedbush analysts said.
The firm said ongoing acceleration of M&A activity in the artificial intelligence space from both strategic and financial players makes C3.ai "one of the most attractive M&A targets" in the sector.
Wedbush maintained its outperform rating on C3.ai and a $35 price target.
Shares of the company fell 9.5% in recent trading.
Price: 26.39, Change: -2.77, Percent Change: -9.50
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