SoundHound AI Inc (SOUN) shares jumped 5.09% in pre-market trading on Monday, continuing its remarkable rally this year. The surge came after Wedbush significantly raised its price target on the AI company's stock, citing its strong potential in the rapidly growing AI market.
Wedbush analyst Michael Pachter hiked the firm's price target on SOUN to $22 from $10 previously, while reiterating an Outperform rating. Pachter highlighted SoundHound's innovative conversational AI and speech recognition technologies, which positions it to capitalize on the booming demand for AI solutions across various industries.
SoundHound AI's stock has skyrocketed nearly 700% so far this year, driven by investor enthusiasm around the AI boom and the company's expanding product offerings. However, analysts caution investors to remain grounded, as the AI sector remains highly speculative and competitive.
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