Posted 4/11/2024, 7:04:32 PM
Cantor Fitzgerald Upgrades SoundHound AI to Neutral on Improved Valuation
- Cantor Fitzgerald upgraded SOUN stock to a "neutral" rating from "underweight" due to improved valuation
- Analyst thinks downside and upside risks are now more balanced, warranting a rating change
- Valuation is still rich compared to software industry - SOUN trades at 24.62x trailing sales
- Revenue growth projections remain strong - over 50% growth expected in 2023 and 2024
- Bull case sees over 55% upside potential based on average analyst price target of $7.15