H.C. Wainwright raised the firm’s price target on SoundHound (SOUN) to $8 from $7 and keeps a Buy rating on the shares post the Q3 report. The company’s revenue best forecasts and positive adjusted EBITDA is expected by the end of 2025, the analyst tells investors in a research note. Given the stronger than expected operating results and favorable outlook, the firm was “somewhat surprised” to see the shares decline 17% yesterday. It expects the company to continue to execute against its strategy in coming quarters, growing revenue, expanding gross margin, and pushing towards positive EBITDA, which should push shares higher.
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Read More on SOUN:
- SoundHound downgraded to Neutral from Buy at Ladenburg
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- SOUN Earnings: SoundHound AI Tops Estimates with 88% Sales Growth
- SoundHound AI reports Q3 adjusted EPS (4c), consensus (7c)
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