SoundHound price target lowered to $4.50 from $6 at Northland

Northland analyst Michael Latimore lowered the firm’s price target on SoundHound to $4.50 from $6 and keeps an Outperform rating on the shares after the company announced it was further reducing operating expense given macro conditions. The analyst, who notes that management forecasts 50%-plus growth in FY23, is lowering his FY23 revenue estimate to $45M from $50M.