One Wall Street analyst sees 60% upside for SoundHound AI stock.

In response to rising demand for its AI speech solutions and the announcement that AI chip leader Nvidia had made a minor investment, SoundHound AI's (NASDAQ: SOUN) stock price has skyrocketed this year.

Wedbush Securities maintained an outperform (buy) rating and increased the price target on SoundHound shares from $5 to $9 on Friday, although the stock recently fell after reaching a high of $7.90. Compared to the present share price of $5.62, the new price objective is 60% higher.

It seems that Wedbush's latest call was due to the fact that analysts occasionally adjust their price targets in response to current market movements. However, the success of Soundhound's business is more important for long-term investors, as it is the driving force behind consistent returns.

The rationale behind Wall Street's optimism on SoundHound AI Major players in the food and automobile sectors are showing increasing interest in SoundHound AI's AI-powered voice technology. The company's sales grew at a faster rate in the fourth quarter, increasing from 19% year over year to 80%.

The company's recent strategic actions, along with its remarkable top-line growth, indicate that it is only at the beginning of its journey. An industry leader in speech AI solutions for restaurants, SYNQ3, was acquired by SoundHound AI in December

This month, Stellantis DS Automobiles and Soundhould's Chat AI product will enter full production, according to the company.

The fact that SoundHound is becoming closer to breakeven is another encouraging sign for investors. A net loss of $18 million was reported for the most recent quarter, an improvement from the $31 million loss reported for the same period last year.

All of these things have come together to make most analysts really enthusiastic about this small-cap stock.

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