Technology
Hamed Khorsand upgrades INOD to his Top Pick, building on a bullish call first made in May 2024 at $12.30. With the stock now trading at $64, he still sees considerable upside to his $110 (12-month) target price. The 2026 outlook is anchored by multiple catalysts: accelerating demand from LLM developers, deeper monetisation of large enterprise clients and a clear inflection in US government work. With 2025 revenue growth set to be >45% and 2026 forecast at ~29%, Hamed expects to see powerful second-half operating leverage - and notes that INOD can fund growth organically, unlike AI hardware related companies.
Edition: 227
- 09 January, 2026
Technology
INOD reported better than expected Q4 results demonstrating how demand for data training services is not waning. Furthermore, management has set 2025 revenue to grow by at least 40%. This is much higher than Hamed Khorsand was forecasting. He believes the investment in hiring more people should see the group being awarded more projects. With INOD now poised to exceed $300m in revenue in 2026, Hamed raises his TP from $45 to $74. The share price has increased by more than 300% since he initiated coverage with a Buy rating in May last year.
Edition: 206
- 07 March, 2025
Technology
Profitable AI - INOD is a misunderstood data engineering company benefitting from working with large tech companies and enterprises in developing LLMs or refining LLMs to fit the need of a specific industry. The company has been around for 30 years evolving with data and Hamed Khorsand believes the current pathway related to AI could have longevity the stock is not valued for. He forecasts revenue growth of 40% in 2024 and over 25% in 2025. TP $24 (85% upside).
Edition: 187
- 31 May, 2024