Street Calls of the Week
Investing.com - Needham initiated coverage on Veritone (NASDAQ:VERI) with a Buy rating and a $10.00 price target on Thursday. The stock, which has shown remarkable momentum with a 185% surge over the past six months according to InvestingPro data, currently trades around $5.60.
The research firm cited its belief that Veritone can continue to drive outperformance in several of its key targeted market opportunities.
Needham highlighted that Veritone provides an open AI platform called aiWARE, which enables customers to transform unstructured data into structured business outcomes across various industries.
The firm identified three near-term growth drivers it considers key to Veritone’s outperformance: VDR including the AI data training market, Public Sector application sales, and aiWARE platform sales across various vertical end markets.
Needham noted that Veritone’s open platform strategy allows customers to utilize best-of-breed open-source and third-party AI models within the aiWARE platform to drive a broad range of business outcomes.
In other recent news, Veritone reported a significant 30.5% increase in revenue for the third quarter, with figures ranging between $28.5 million and $28.7 million. The company has also achieved major contract wins for its Data Refinery product, securing nearly $40 million in bookings, which is double the amount since August. Additionally, Veritone announced a registered direct offering of approximately 12.9 million shares of its common stock under an existing shelf registration statement. The company has entered into a licensing agreement with ESPN, allowing content creators to access NCAA Division I Championships audio content through Veritone’s platform. H.C. Wainwright has raised its price target for Veritone to $9.00 from $6.00, maintaining a Buy rating due to strong VDR bookings growth. These developments highlight Veritone’s expanding role in AI data solutions and its strategic partnerships with major technology companies.
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