BUZZ-SoundHound AI rises after H.C. Wainwright lifts PT

Reuters12-23 20:01

BUZZ-SoundHound AI rises after H<a href="https://laohu8.com/S/02403">.C</a>. Wainwright lifts PT

** Voice AI platform SoundHound AI's SOUN.O shares rise 1.53% to $22.09 premarket

** Brokerage H.C. Wainwright raises PT to $26 from $8

** New PT is a 19.5% upside to stock's Dec. 20 close

** SOUN shares have risen 187.7% vs a 6.2% decline in the Russell 2000 index since the company posted Q3 results on Nov. 12, the brokerage says

** Brokerage says co's "outperformance" driven by increasing demand for its AI-enabled services; SUON signed new contracts with Church’s Texas Chicken and Torchy's Tacos, which have over 1,600 locations combined

** Brokerage says SOUN's rarity as a pure-play AI company justifies premium valuation, and that its $7 bln+ market cap attracts institutional investors

** Brokerage values SOUN at 48x enterprise value to revenue, in line with "high quality AI peers, which are currently trading as high as 58.0x 2025 revenue estimates"

** Avg. rating of seven brokerages is "buy"; median PT $9 - LSEG

** As of last close, stock has risen 926.2% YTD

(Reporting by Kamal Choudhury in Bengaluru)

((Kamal.Choudhury@thomsonreuters.com;))

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