SoundHound price target raised to $7.50 from $5 at DA Davidson

DA Davidson raised the firm’s price target on SoundHound to $7.50 from $5 and keeps a Buy rating on the shares. The company reported a good quarter with revenue roughly in-line with expectations, the analyst tells investors in a research note. The firm says demand for SoundHound’s artificial intelligence solution remains elevated as the company won a new deal with a top U.S.-based electric vehicle maker and signed a contract with a large manufacturer that increases its unit volumes through 2037. Davidson is also upbeat about the company’s newly established revenue source with a “preeminent chip company.” SoundHound is winning market share and has customers “knocking at its doors,” the firm contends.