SOUN - SoundHound AI Stock Has Room to Run After Its Crash According to 1 Wall Street Analyst. Is the Stock a Buy After a 50% Decline?
2024-04-12 02:17:00 ET
This year has been a nonstop thrill ride for SoundHound AI (NASDAQ: SOUN) investors. After kicking off 2024 with a 23% loss by Feb. 5, the artificial intelligence (AI) and voice recognition specialist reversed course, notching 323% gains by March 15. It then turned south, losing half its value as of market close on Wednesday. After such a whiplash-inducing ride, the stock is still up 112% since the year began.
One Wall Street analyst views the decline as a positive thing.
Cantor Fitzgerald analyst Brett Knoblauch upgraded SoundHound AI stock to neutral (hold) from underweight (sell) while maintaining its price target of $4.90. This represents an upside of roughly 10% compared to the stock's closing price on Wednesday.
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SoundHound AI Stock Has Room to Run After Its Crash, According to 1 Wall Street Analyst. Is the Stock a Buy After a 50% Decline?