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Morgan Stanley upgrades AI play on the insurance industry, sees 30% rally

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CCC Intelligent Solutions Holdings Inc Nyheter

Stock Markets,Investment Strategy,Business News

The firm highlighted an under-the-radar stock with a twist on artificial intelligence.

It's time to consider scooping up shares of a little-known software play, according to Morgan Stanley. Analyst Josh Baer upgraded shares of CCC Intelligent Solutions to overweight from an equal weight rating, saying that Wall Street is "underpricing value" of the company's portfolio of artificial intelligence products. CCC is a "software as a service" provider specializing in the property-casualty insurance sector and working with insurers and collision repairers.

mountain Shares this year "CCCS is a market share leader, positioned to capture value digitizing and automating the Insurance industry," Baer wrote. "Established solutions, ramping emerging solutions and AI help to sustain high-single-digit growth." Shares of the company are up about 4% this year, rising more than 3% Wednesday morning. The firm lifted its price target to $15 from $14, reflecting 30% upside from Tuesday's close.

 

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