Wedbush raises Innodata price target to $120 on strong AI data training demand

Wedbush has increased its price target for Innodata Inc. to $120 from $100, citing growing confidence in the company's ability to drive revenue growth through 2026 and beyond. This optimism is driven by rising demand for AI data annotation and model training services, which are essential for developing advanced AI applications. Innodata's expanding role includes supporting frontier AI models, enterprise AI adoption, and government AI testing, positioning it well for long-term growth. The company balances growth investments with profitability, focusing on scalable sales and marketing efforts to expand its customer base while maintaining financial discipline.