Why Innodata Stock Crushed It Today
Key Points
A top tech-sector analyst raised his price target on the AI developer's equity.
He cranked it 20% higher while maintaining his bullish recommendation.
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There was nothing artificial about the more than 9% rise of artificial intelligence (AI) company Innodata (NASDAQ: INOD). A well-known analyst raised his price target significantly on the stock, and investors took this to heart by buying into it. That nearly double-digit increase in share price trounced the S&P 500 index, with its 0.4% increase on the day.
A popular pundit's praise
The raiser was none other than Dan Ives of Wedbush, a closely followed analyst (at least in the tech world).
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That morning before market open, Ives lifted his Innodata price target to $90 per share, a robust 20% increase from the preceding $75. In making the change, the pundit kept his existing outperform (read: buy) recommendation intact.
Ives' revised take on Innodata comes from his growing confidence in the company's ability to take advantage of growth opportunities. He's particularly encouraged by its performance in the data-labeling space and feels it has good potential to garner new business from large tech companies and from hyperscalers.
The latest in a series
Ives isn't the only prognosticator who recently made a positive adjustment to their already-bullish Innodata take. Last Friday, BWS Financial's Hamed Khorsand also pulled the lever on a big price-target hike, raising it to $110 per share from $74 and maintaining a buy recommendation.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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