SoundHound AI stock rises over 40% this week following analyst upgrade and revenue forecast boost

SoundHound AI's stock surged over 40% this week before settling with a 10.3% gain. The stock has tripled in value over the past month, resulting in a 780% increase for the year. A key factor in the stock's rise was a positive report from analyst Dan Ives, who raised his price target from $10 to $22. He highlighted SoundHound as an undervalued AI company with potential for growth. SoundHound has also increased its revenue forecasts for 2024, now expecting between $82 million and $85 million. The company recently acquired AI software firm Amelia, which is expected to enhance its market presence, particularly in healthcare.