SoundHound AI (NASDAQ: SOUN) is trading well above its analysts' consensus, suggesting it could correct as much as 22% as of late October, but that is unlikely. Although lagging, the consensus price target and analyst revision trend provide robust support for this stock. The consensus is up more than 100% in the preceding 12 months and nearly 10% in the preceding 30 days, with the freshest targets pointing to new all-time highs.
The latest revision is from H.C. Wainwright, which maintained a Buy rating while lifting its price target to $26. The $26 is the new Wall Street high, forecasting a 30% upside from critical support targets, and would be a new all-time high when reached. The fact that a new all-time high is in the picture is significant as it reflects a shift in sentiment likely to continue providing market support.
