New Trade for August 1st, 2023

According to Grand View Research, the global artificial intelligence market reached a valuation of $136.55 billion in 2022. It’s projected that by 2030 the industry will command a revenue of nearly $1.9 trillion.  

Investors looking to profit from the paradigm shift may wonder which companies stand to gain the most as breakthrough advancements are made in the industry. Today we’re focusing on a Buy-rated standout from the burgeoning AI group analysts see gaining more than 60% over the next 12 months.

Xometry (XMTR)

Online business-to-business marketplace Xometry uses artificial intelligence to connect businesses with industrial product manufacturers. Goldman Sachs is one of several firms that believe Xometry, which uses artificial intelligence to run its platform’s core, will continue to grow by keeping AI at the heart of its platform while it expands. “Unlike some of the recent shifts in platform investments across our coverage universe, we would highlight that XMTR has historically been built as a platform with AI at the very core of its competitive moat,” the firm said in a note to clients.

XMTR Shares are down 36% this year on macroeconomic concerns, but Wall Street is optimistic about the stock going forward. The ten analysts offering 12-month price forecasts for the stock have an average price target of $24, representing a 16% upside from the current price. At the high end of the spectrum, analysts expect XTMR to rise to a price of $33 in the next twelve months, representing an increase of 67%.

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