H.C. Wainwright analyst Scott Buck raised the firm’s price target on SoundHound (SOUN) to $26 from $8 and keeps a Buy rating on the shares. While the stock’s valuation is “taking a back seat to animal spirits near term,” it should be supported by business growth over time, the analyst tells investors in a research note. The recent share outperformance is being driven by a combination of factors including increasing demand for the company’s artificial intelligence-enabled services across multiple sectors, the analyst tells investors in a research note. H.C. Wainwright believes SoundHound’s valuation levels “may look stretched at today’s share price,” but says the company the company has built a scalable platform which should allow revenue, adjusted EBITDA and ultimately earnings to catch up to share price over time.
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Read More on SOUN:
- SoundHound AI: From Song Search to Industry Disruptor
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- SoundHound AI Stock Wins a New Street-High Price Target
- Can You Hear That? It’s the Sound of Meme Traders Celebrating a Massive SoundHound AI Price Target Increase!
- SoundHound price target raised to $22 from $10 at Wedbush
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
