Veritone initiated with a Buy at Needham

Needham analyst Joshua Reilly initiated coverage of Veritone (VERI) with a Buy rating and $10 price target Veritone provides an open artificial intelligence platform, aiWARE, which allows customers to transform unstructured data into structured business outcomes across a range of industries, the analyst tells investors in a research note. The firm believes the company can continue to drive outperformance in several of its targeted market opportunities. Needham sees data refinery, public sector application sales, and aiWARE platform sales across a range of end markets as near-term growth drivers for Veritone.