SoundHound price target raised to $6.20 from $2.80 at Cantor Fitzgerald

Cantor Fitzgerald raised the firm’s price target on SoundHound to $6.20 from $2.80 and keeps an Overweight rating on the shares after the company’s CFO participated in a Next-Gen Conversational AI panel at the firm’s Technology Conference. Given its best-in-class voice AI capabilities, the firm believes SoundHound is “one of the few companies that can take advantage of the AI frenzy currently occurring at every business across the globe” and estimates that between its two core markets of royalty revenue from automotive manufacturers and SoundHound for Restaurants that the company “could generate north of $500M in annual revenue, with additional adoption and product innovation getting us to potentially $2B.