Veritone Inc. (VERI) shares soared 8.64% in pre-market trading on Monday, signaling a strong start to the week for the artificial intelligence company. The significant uptick comes as investors react positively to a notable analyst upgrade.

The catalyst for this pre-market rally appears to be H.C. Wainwright's decision to raise its price target for Veritone. The investment firm has increased its target price from $6 to $9, representing a substantial 50% upward revision. This vote of confidence from analysts has clearly sparked renewed interest in the stock.

While the specific reasons behind H.C. Wainwright's more bullish stance were not immediately clear, such upgrades often reflect an improved outlook on a company's financial performance, market position, or growth prospects. Investors will likely be watching closely to see if Veritone can sustain this momentum when regular trading hours begin and whether the company can deliver results that justify the heightened expectations.