In a report released today, Scott Buck from H.C. Wainwright reiterated a Buy rating on Veritone (VERI – Research Report), with a price target of $6.00.
Scott Buck has given his Buy rating due to a combination of factors that suggest a positive outlook for Veritone’s future performance. The company has shown a significant shift towards revenue growth, particularly in its public sector vertical, which has added numerous new customers, including notable government agencies. This momentum is expected to drive a substantial increase in public sector revenue in 2025, contributing to the overall revenue acceleration.
Additionally, Veritone’s recent cost-cutting measures and efforts to deleverage its balance sheet are expected to improve profitability prospects. The company has also strengthened its cash position through the sale of common stock, providing a more stable financial footing. Despite recent challenges, such as lower-than-expected revenue and gross margin in 4Q24, the anticipated revenue growth and improved financial strategies are likely to attract investors, supporting the Buy rating with a price target of $6.
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