Roth Capital says Veritone 'the real deal,' ups price target to $62
Roth Capital analyst Brian Alger noted that Citron's short report on Veritone, which included the opinion that it is not an AI company, knocked the stock down 50%. However, after attending numerous investor meetings with the company over the past few weeks, Alger is convinced Veritone is "the real deal" and is transforming businesses through the orchestration of third party ANI engines. Alger, who said Veritone has been clear in its intentions to utilize M&A and now has a list of over 30 potential targets, thinks that with deal potential incorporated a $1B valuation is "not only reasonable, but could be conservative." He raised his price target on Veritone shares to $62 from $13.20 and keeps a Buy rating on the stock, which closed yesterday at $36.88
