BigBear.ai climbs as H.C.Wainwright initiates coverage with "buy"
29/08/2023 13:27
** Shares of artificial intelligence (AI) firm BigBear.ai
Holdings BBAI.N rise 3.6% to $1.4 premarket
** Brokerage H.C.Wainwright initiates coverage with "buy"
rating, with PT of $4
** Brokerage believes co poised to be a leader in AI-driven
data analytics field, given existing backlog of over $206 mln
** Brokerage sees co's rev growth from 2024 to be 11%,
boosted also by partnership with L3Harris Technologies LHX.N
to deliver advanced autonomous surface vessel capabilities
** H.C.Wainwright believes co's contract with LHX to open
longer-term opportunities with other manufacturers of autonomous
vehicles
** Expects co to achieve quarterly profitability as early as
Q4 2024 and annual profitability in 2025
** BBAI's P/E ratio less than a quarter of its forward
earnings vs an industry median of 14.85x
** Up to last close, stock had risen 103.4% YTD
(Reporting by Johann M Cherian in Bengaluru)
((johann.mcherian@thomsonreuters.com;))