SoundHound AI (NASDAQ: SOUN) stock garnered attention after a prominent brokerage firm issued a bullish price forecast.
Ladenburg Thalmann, a prominent brokerage firm, has reaffirmed its Buy rating and $7.00 stock price target on SoundHound AI (SOUN) following recent discussions with management of the company.
The company, renowned for its voice-activated AI tech, recently took part in a non-deal roadshow, underscoring its vision to integrate voice AI into practical business applications.
The company emphasized its advanced voice capabilities, positioning itself as a frontrunner in natural language processing, surpassing existing big-tech solutions. This technological prowess is vital for developing customer-facing applications that offer more intuitive interactions, setting SoundHound AI apart in the competitive landscape.
SoundHound AI employs a strategic combination of in-house and third-party large language models (LLMs) bolstered by an arbitration engine designed to mitigate AI hallucinations. This innovative approach aims to deliver a reliable AI voice assistant suitable for deployment across diverse applications.
The company’s current focus lies in the Internet of Things (IoT), particularly within the automotive industry and service-based sectors, with a notable emphasis on quick-service restaurant (QSR) chains.
SoundHound AI’s strategy and technology took center stage in its bid to engage investors and industry partners at the roadshow. The firm’s focus on enhancing voice AI for business uses aligns with its market position and growth plans.
Ladenburg Thalmann’s endorsement indicates faith in the company’s trajectory and the promise of its technology in the targeted sectors.
SoundHound AI (NASDAQ: SOUN) Stock Performance
SOUN stock fell 0.85% to close at $5.81 on Tuesday. The traders had exchanged hands with 60,488,898 (60.48 million) shares compared to the average daily trading volume of 57.61 million.
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