Stock Track | SoundHound AI Soars 5.03% in Pre-Market on Bullish Analyst Call and Growing AI Adoption

Stock Track12-23 20:36

SoundHound AI Inc (SOUN) stock surged 5.03% in the pre-market session on Monday, driven by a bullish analyst call and the company's rising adoption of its AI-enabled voice services across various industries.

H.C. Wainwright analyst Scott Buck raised the firm's price target on SoundHound to $26 from $8, citing the strong demand for the company's AI-powered solutions. According to Buck, SoundHound's outperformance is fueled by the increasing demand for its AI-enabled services, as evidenced by the recent contracts signed with Church's Texas Chicken and Torchy's Tacos, which have over 1,600 combined locations.

Moreover, SoundHound's unique positioning as a pure-play AI company with a market capitalization exceeding $7 billion has attracted institutional investors' attention. The analyst values SoundHound at 48 times its enterprise value to revenue, in line with "high quality AI peers, which are currently trading as high as 58.0x 2025 revenue estimates."

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