11:22 AM EDT, 09/05/2024 (MT Newswires) -- C3.ai ( AI ) delivered good fiscal Q1 results and reaffirmed its fiscal 2025 revenue guidance, though there were "some spots of weakness," Wedbush Securities said Thursday.

Late Wednesday, the company reported fiscal Q1 financial results that surpassed Wall Street's estimates. C3.ai ( AI ) reaffirmed its fiscal 2025 revenue guidance of $370 million to $395 million.

While the company expects to generate negative free cash flow in fiscal Q2 and Q3, it reaffirmed its outlook to generate positive free cash flow for the full year.

"While this was a slight bump in the road, we remain positive on C3.ai ( AI ) going into 2025 with a strong pipeline across industries coupled with solid top-line growth while seeing solid bottom-line expansion as the AI Revolution gains more momentum over the next few years," Wedbush analysts, including Daniel Ives, said in a note to clients.

The brokerage reduced its price target on the company's stock to $30 from $40 while maintaining its outperform rating.

C3.ai ( AI ) shares were down 14% in recent Thursday trading.

Price: 19.74, Change: -3.27, Percent Change: -14.21