SoundHound AI (SOUN) stock attracted renewed analyst attention even after the voice artificial intelligence (AI) company delivered Q1 results above estimates, prompting several Wall Street firms to update their price targets while largely maintaining bullish ratings on the shares.
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Analysts Remained Bullish on SOUN Stock Despite Lower Price Targets
Northland Securities analyst Michael Latimore lowered his price target on SOUN stock to $12 from $14 while maintaining an Outperform rating. Latimore noted that SoundHound slightly exceeded revenue expectations during Q1 but missed adjusted EBITDA estimates due to continued investments in technology and expansion efforts.
Additional analyst coverage of SOUN stock included:
- D.A. Davidson analyst Gil Luria reiterated a Buy rating while lowering his price target to $12 from $14, implying a potential 41.68% upside for the shares.
- Wedbush analysts maintained a Buy rating and a $12 price target for SOUN stock, suggesting a possible 41.68% upside.
What About the Best Analyst Covering SOUN Stock?
Among the analysts covering SoundHound AI, Northland Securities analyst Michael Latimore stands out as one of the most accurate and profitable voices following the stock.
Over the past three months, Latimore has delivered a 73% success rate with an average return of 56.27% per rating. His longer-term performance remains strong as well, with an 82% success rate and a 98.03% average return over one year. Over the past two years, Latimore has maintained a 91% success rate with an average return of 138.66%.
How Did SOUN Stock React to Today’s Analyst Updates?
SoundHound AI stock was down 12.46% on Friday, building on a 15.45% year-to-date fall. The stock has also rallied 7.24% over the past 12 months.
With today’s updates came heavy trading of SOUN stock, as more than 30 million shares changed hands. For comparison, the company’s three-month average daily trading volume was about 23.88 million shares.
