FD has announced a range of initiatives aimed at ensuring that Machine Learning (ML) capabilities are a core focus of future Kx development, and in order to capture the multiple commercial opportunities likely to result from inbound queries from existing and potential customers. These initiatives include recruitment of a team of ML experts, ML-related development and the establishment of a third-party pool of AI/ML consultancy resource. We believe this investment makes commercial sense as it is demand-driven and exploits the power of Kx technology to enable ML-related applications in multiple sectors. We make no changes to our forecasts and recommendation, but increase our target price from 2829p to 3073p to reflect higher peer group valuation multiples.