Piper Sandler Cuts SoundHound AI (SOUN) PT to $11 Citing Execution Risks, Slow Adoption for Standalone AI Vendors

SoundHound AI Inc. (NASDAQ:SOUN) is one of the most buzzing stocks to invest in according to hedge funds. On January 5, Piper Sandler lowered the firm’s price target on SoundHound to $11 from $15, while keeping a Neutral rating on the shares. The firm updated its projections based on the latest 10-Q filings.

Earlier on December 11, Cantor Fitzgerald last night upgraded SoundHound to Overweight from Neutral with a price target of $15, which was brought up from $13. The firm suggested that investors capitalize on the stock’s recent price dip and noted that the company effectively executed its strategy of cross-selling and upselling AI voice services to existing clients. The firm maintained that SoundHound is a prime beneficiary of long-term growth in the conversational AI sector.

Piper Sandler Cuts SoundHound AI (SOUN) PT to $11 Citing Execution Risks, Slow Adoption for Standalone AI Vendors

Additionally, a day before the Cantor Fitzgerald rating, SoundHound AI Inc. (NASDAQ:SOUN) announced a partnership with OpenTable to launch a fully conversational, in-vehicle voice AI reservations agent. This integration is part of SoundHound’s expanding in-car voice commerce platform and allows drivers and passengers to discover and book tables at over 60,000 restaurants worldwide using natural language commands. By connecting directly to OpenTable’s global network, the system can check real-time availability and secure bookings hands-free, eliminating the need for manual app navigation while driving.

SoundHound AI Inc. (NASDAQ:SOUN) develops independent voice AI solutions that enable businesses across automotive, TV, and IoT, and customer service industries to deliver high-quality conversational experiences to their customers in the US, Korea, France, Japan, Germany, and internationally.

While we acknowledge the potential of SOUN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than SOUN and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.