BofA lowered the firm’s price target on Veritone (VERI) to $4.25 from $5 and keeps an Underperform rating on the shares after adjusting its model following the close of the Broadbean acquisition and the disclosure that Amazon (AMZN) is meaningfully reducing spend with the company. The company is re-aligning its cost structure for the anticipated reduction in revenue, notes BofA, which reduced its 2023 revenue outlook to $146.6M from $157.3M to account for Amazon spend reductions and the addition of Broadbean.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on VERI:
- Veritone Slips on $52M Broadbean Acquisition
- Veritone to Acquire Broadbean, Signifying Deeper, Global Commitment for Veritone’s AI-powered Human Resources Solutions
- Veritone price target lowered to $8 from $11 at Roth MKM
- Veritone narrows FY23 revenue view to $158M-$166M from $158M-$168M
- Veritone sees Q2 revenue $32M-$34M, consensus $34.85M
