UBS upgraded its rating on Appen from 'neutral' to 'buy' and increased its price on the company despite it falling heavily in the wake of its result.
The broker suggested the market had overreacted to the Figure Eight downgrade and said it saw Appen doubling its revenue within five years.
"We believe we are at a global inflection point for the Artificial Intelligence industry and therefore fast approaching a wave of mass adoption," said analyst Josh Kannourakis.
"As AI adoption and use cases expand exponentially, we expect the volume of training data required will also increase exponentially.
"Growing adoption of deep learning is also highly favourable for training data requirements moving forward."
UBS increased its price target on Appen from $26.20 to $30.00.
bargain price will soon be gone!
UBS upgraded to "buy"
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